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. Inventory 2,500 $52.00 $130,000 10 Purchase 7,800 60.00 468,000 28 Sale 3,750 104.00 390,000 30 Sale 1,200 104.00 124,800 Feb. 5 Sale 500 104.00 52,000 10 Purchase 17,500 62.00 1,085,000 16 Sale 8,600 109.00 937,400 28 Sale 8,900 109.00 970,100 Mar. 5 Purchase 14,200 63.60 903,120 14 14 Sale 10,200 109.00 1,111,800 25 Purchase 3,400 64.00 217,600 30 8 Sale 7,900 109.00 861,100. Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on 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 data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?