The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Dane Transaction Number of Units Per Unit 3400 900.000 10 Purchase 547200 10 Purchase 179.200 1.000 74.00 80.000 2.500 139.00 189.700 8.500 33001.180.500 15.000 7560.000 10.000 93.00 $330.000 3.300 78.00 250.800 133.00 1017.450 Purchase Instructions 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. 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 joumal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. Determine the gross profit from sales for the period. Determine the ending inventory cost as of March 31. Based upon the preceding data, would you expect the ending inventory using the audio, frater eros to be higher or lower? 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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the inventory Unit Cost column. Costa Unik Cast Total Cont Una cest Total Cost Unit Date Purch Dale Tolo 10 Febs 10 10 10 25 25 50 31 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. PAGE 10 ACCOUNTING EQUATION JOURNAL DATE POST. REF: DEBIT CREDIT ASSETS LIABILITIES EQUITY ! Mar. 31 DESCRIPTION Accounts Receivable Sales 1 2 Mar. 31 1 1 Mar 31 Cost of Goods Sold Inventory 4 Mar. 31 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 fastun, first-out method to be higher or lower? O Lower Higher