The beginning inventory at Funky Party Supplies and data on purchases and sales for a theee-month period ending March 31, 2016, are as follows: Date Transaction Number of Units Per Unit Total 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 Purchase 16 Sale 28 Sale Jan. 2,500 52.00 $130,000 60.00 468,000 104.00 104.00 124,800 104.00 390,000 Feb. 0 52 S Purchase 14 Sale 2S Purchasc 30 Sale 17,500 8,600 8,900 14,200 10,200 3,400 7,900 62.00 1,085,000 109.00 937.400 109.00 970,10D 63.60 903,12D 100.00 1,111,800 64.00 217,600 109.00 861,100 Mar 1. Record the inventory, puchases, and cost of merchandise sold data in a perpotual inventory record similar to the onc ilustrated in Exhibit 4, using the first-in, first out mothad 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last in rsout methed to be higher or lower