The beginning inventory at Midnight Supplies and data on purchases and sales for a throe-month period ending March 31 , are an follows: Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a pevpetual inventory record simitar to the ane itisstrahed in Exhikit 3. EIFO perpetual lnventary Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Merchandise Sold 141 Merchandise Inventory 515 Credit Card Expense 145 Office Supplies 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Office Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 537 Selling Expenses LIABILITIES 538 Store Supplies Expense 210 Accounts Payable 561 Depreciation Expense-Office Equipment 221 Notes Payable 562 Depreciation Expense-Store Equipment 222 Interest Payable 590 Miscellaneous Expense 231 Salaries Payable 710 Interest Expense 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary 2. Determine the fotal sales and the fotal cost of merchandise sold for the period. Joumasize the entries in the sales and cost of merchundise sold accounts. Assume that al sales were on account and date your joumal enty March 31. Refor to the chart of acrounts for the exact wanding of the account totes. CNOW joumals do not use ines for foumal explanafons. Every ine on a joumal page is used for debit or credit entries. CNOW foumals will aulomakeally mdient a creaft entry when a credif amount is entered 3. Determine the gross profit 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 inventory using the last-in, first-out method to be higher or lower? Higher Lower The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record simillar to the one ilitustrated in Exh bit 3. using the first-in, first-out method