The beginning inventory at Midnight Supplies and data on purchases 1. Record the inventory purchases, and cost of goods sold data in a perpetual imentary record similar to the ane gifustrated in first-in, first-out method: 2. Defermine the total sales and the fotal cost of goods soid for the period Joumalize summary entres for the sales and corresponding cost of goods sold for the period Assume that all sales were on account and date your joumal entry March 3 if 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as or March 31 . 5. Based upon the proceding data, would you expect the ending inventory using the last-in. frat-out method to be higher or lower? The beginning inventory at Midnight Supplies and data on purchases