The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one iflustraved in Exhibit 3 , using the first-in, first-out method. 2. Determine the fotal sales and the fotal cost of goods sold for the period. Joumalize summary entries for the sales and conesponding cost of goods sold for the period. Assume that all sales were on account and date your foumal enty March 31. 3. Determine the gross probi form sales for the period 4. Determine the ending inventory cost as or March 31