The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as folows: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar fo the one illustrated in Extibn 3 , using the first-in, first-out method. 2. Determine the total sales and the fotal cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your joumal entry March 31. 3. Determine the gross proft from sales for the period. 4. Determine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the lastin, first-out method to be highor or lower? The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as folows: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar fo the one illustrated in Extibn 3 , using the first-in, first-out method. 2. Determine the total sales and the fotal cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your joumal entry March 31. 3. Determine the gross proft from sales for the period. 4. Determine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the lastin, first-out method to be highor or lower