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 imventory, purchases, and cost or goods sold data in a perpetuas inventory recond ammar to the one inustrated in Exhibit 3 , using the firstin, first-out method 2 Determine the total sales and the total cost of ooods sold for the penod Joumalize summary entries for the sales and comesponding cost of goods sold for the penod Ascurne that all sales were on account and date your joumal entry March 31 . 3. Determine the gross proti from sales for the period 4. Determine the encing inventory cost as or March 98 . 5. Based upon the preceding data, would you expect the ending inventory using the last in firstout method to be nigher or lower? Chart of Accounts CHART OF ACCOUNIS Midnight Supplies General Ledger ASSEIS 110 Cash 111 Pethrcash 120 Accounts Receivable 131 Notes Receirable 132 Interest Recelvable 141 imentory 145 otice Supplies 146 Store Supplies 151 Prepaid insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Parable 222 Interest Paryable 231 Salaries Payable 241 Sales Tax Payable REVENUE 410 Sales 610 interest Revenue EXPENSES 510 Cost or Goods sold 515 Credit Card Expense 516 Cash Short and Oret 520 Salanes Expense 531. Advertising Expense 532 Delomery Expense 533 insurance Expense 534 Orfice Supplies Expense 535 Rent Expense 536 Repaifs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 interest Expense EOUIY 310 Common Stock 311 Retained Eamings 312 Dividends costcotirn ard is me iswertory int Codicotimn =0 3. Determine the gross profi from sales for the period 4 Determine the ending imentory cost as or March 31 5. Based upon the preceding data, would you expect the Lomer Higher