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 Per Unit Number of Units 2,500 Total Jan 1 Inventory Purchase $84.00 $160,000 10 7,600 72.00 547,200 28 Sale 3,700 128.00 473,800 30 Sale 1.400 128.00 179,200 Feb. 5 Sale 500 128.00 64,000 10 Purchase 74.00 18,500 8.900 1,360,000 10 Sale 133.00 1.183,700 28 Sale 8.500 133.00 Mar 5 Purchase 1,130,500 15,000 75.60 14 Sale Purchase 10,000 3,300 133.00 25 1,134,000 1,330,000 250.800 1,017.450 30 78.00 Sale 7,650 133.00 Instructions 1. Record the inventory purchases, and cost of merchandise 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 merchandise sold for the period Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were an account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles 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 date, would you expect the inventory using the last in first-out method be higher or lower