The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: 1. Record the imventory, purchases, and cost of goods sold data in a perpotual inventory record simlar to the one llustrated in Extibit 3, usirity the first-in, first-out method. Under FiFO, it unit Goods Sold Uhit Cost column and in the inventory Unit Cost column. Jook It Shaw Me How 2. Determine the total sales and the total cost of goods sold for the period Joumalize summary ontries for the sales and corresponding cost of goods soid for the period. Assume that sales were on account and date your joumal entry March 31. General loumal lastructions Question not attempted. 3. Determine the gross profit from sales foc the period. Feedosch 4. Determine the ending inventary cost as of March 31. Feodback 5. Based upon the preceding data, would you expect the ending inventory using the lastin, firstcout method to be higher or lower? Higher Lower