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 inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exh entory record similar to the one Hilustrated in Exhlbit 3, using the first-in, first-out method. Inventory Quantity Unit Cost Total Cost 956,250318,750 How does grading work? 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31 . Feedback Check My Work The ending inventory is what is left after subtracting the cost of goods sold from the goods avallable for sale. Mutiply the units remaining after the last sale by their corresponding most recent layer cost to determine the FifO cost of the ending