The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows Date Transaction Inventory Per Unit Number of Units 2,500 Total Jan. 1 $70.00 10 Purchase 78.00 8,000 3,800 28 Sale 140.00 30 Sale 1.250 140.00 Feb 5 Sale 500 140.00 10 Purchase 17,000 80 00 16 Sale $175,000 624,000 532,000 175,000 70,000 1,360,000 1,319,500 1,261,500 1,166,880 1,421,000 246,000 1.145,500 145.00 9,100 8,700 28 Sale 145.00 Mar 5 Purchase 81.60 14 Sale 145.00 14,300 9,800 3,000 7.900 25 Purchase 82.00 30 Sale 145.00 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit.3 using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the period Journalize the entries in the sales and cost of goods sold accounts. Assume that al sales were on account and date your joumal entry March 31. Refer to the Chart of Accounts for exact wording of account bitles 3. Determine the gross profit from sales for the period m 4. Determine the ending inventory cost as of March 31, 5. Based upon the preceding data, would you expect the ending inventory using the fast-firstout method to be higher or lower? WC 18 11 S 3 3 Pes 1 1 15 3 5 20 S S 5 14 3 18 21 LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Number of Units Total Date Transaction dan. 1 Inventory 10 Purchase 28 Sale 7,500 22,500 11,250 3,750 30 Sale Per Unit $75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 Feb. 5 Sale 1,500 10 54,000 Purchase Sale $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4.200.000 16 27,000 25,500 28 Sale Mar 5 45,000 89.50 Purchase Sale 14 160.00 25 Purchase 30,000 7,500 26,250 90.00 30 Sale 160.00 1. Record the eventos, purchases and cost of good at in perpetual entory record lar to the one thing the first-out method Under LiFountain wonitory at two different, then with the HIGHER un cost it in the cost of Goods Sold Unit Cost column and LOWER Ut cost first the inventory Unit Cost calumn Bund unit cost to two decimal places necessary Un cont color wound unit cost to the domes Midnight Supplies Schedule of Cost of Goods Sold Lo Method For the three months Ended March 1 Cost of Goods Soll Unit Cust Total Cost Quantity Unit Cost Total Cost 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period, Total sales Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31