The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one slustrated 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 Joumaice summary entries for the saies and corresponding cost of goods soid for the period. Assume that all sales were on account and date your journal entry March 3 f. 3. Determine the gross profit from sales for the penod 4. Determine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending imentory using the lastia first-out methest to be nigher or lower