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 Number of Units Per Unit Total Jan. 1 Inventory 2,600 $54.00 $140,400 10 Purchase 7,000 62.00 434,000 28 Sale 3,850 108.00 415,800 30 Sale 1,300 108.00 140,400 Feb. 5 Sale 500 108.00 54,000 10 Purchase 17,500 64.00 1,120,000 16 Sale 8,700 113.00 983,100 28 Sale 8,600 113.00 971,800 Mar. 5 Purchase 14,000 65.60 918,400 14 Sale 10,100 113.00 1,141,300 25 Purchase 3,300 66.00 217,800 go 30 Sale 7,750 113.00 875,750 Date Purchases Quantity Unit Cost Total Cost Quantity Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16 28 Mar. 5 5 14 14 25 25 22 Cost of Merchandise Sold Unit Cost Total Cost tal Cost Quantity Cost of Merchandise Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost 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 on account and date your journal entry March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Question not attempted. 1 DATE JOURNAL Score: 0/51 DESCRIPTION POST REF DENT CREDIT PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY 3. Determine the gross profit from sales for the period. Feedback Check My Work Sales minus cost of merchandise sold equals gross profit. 4. Determine the ending inventory cost as of March 31. $ Points 0/1