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. Fecord the inventory, purchases, and cost of goods soid da:a in a perpetuat inventory record simnar to the one nustrated in using the frat-in, first-out method. 2. Determine the totai sales and the tota cost of goods solu for see period. Joumaize summary entries tor the saies and corresponang cost of goods sout for the perod. Assume that all saies were on account and date your joumal entry March 31 3. Determine the gross pront trom sales for the period 4. Determine the ending imentory cost as or Maren 31 . 5. Eased upon the preceding data, would you expect the ending inventary using the to be ngner or iower? FIFO General Journal Final Questions Instructions EQUITY 210 Comrivin Glock 311 Plytained Caming J12 Diseride Puetues 3. Determine the gross profit from sales for the period. 4. Determine the ending hiventory cost as of March 31 . 5. Based upon the preceding data, would you expeot the Lower Higher