the beginning inventory at Midnight Supplies and date purchases and sales for a three month period ending March 31 are as follows:

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 inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibi 3, using the first-in, first-out method. 2. Dotermine the fotal sales and the fotal cost of goods sold for the period. Joumalize 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