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 perpofual inventory record similar to the one iliustrated in Exhibit 3, using the first-in, first-out method. 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory recond similar to the one illustrated in Exhibit 3, using the first-in, first-aut method 2 Deformine the total saies and the total cost of goods sold for the period Joumalke summary entries for the sales and corresponding cost of goods sold for the period. Assume that ail sales wore on account and date your joumal entry March 31. 3. Detarmine the gross profit fram sales for the poriod. 4. Detomine the ending imentory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the last-in. finateut muthod to be higher or lower? 3. Dotermine the gross profit from sales for the poriod: 4. Determine the ending inventory cost as of March 31