The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:

Date

Transaction

Number of Units

Per Unit

Total

Jan.

1

Inventory

3,000

$56.00

$168,000

10

Purchase

7,100

64.00

454,400

28

Sale

4,200

112.00

470,400

30

Sale

1,300

112.00

145,600

Feb.

5

Sale

500

112.00

56,000

10

Purchase

18,500

66.00

1,221,000

16

Sale

8,900

117.00

1,041,300

28

Sale

8,200

117.00

959,400

Mar.

5

Purchase

14,500

67.60

980,200

14

Sale

10,000

117.00

1,170,000

25

Purchase

3,400

68.00

231,200

30

Sale

8,000

117.00

936,000

	Required:
1.	Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated 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. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your journal entry March 31.
3.	Determine the gross profit from sales for the period.
4.	Determine the ending inventory cost as of March 31.
5.	Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?