Tuviens Series A $193,350 PR 7-1A FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2014, are as follows: Date Transaction Inventory Purchase Per Unit June 1 10 28 30 Total Number of Units 500 1,500 750 250 $15,000 Sale Sale $30.00 34.00 50.00 52.00 51,000 37,500 13,000 Date July 5 10 16 28 Aug. 5 14 25 30 Transaction Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 100 3,600 1,800 1,700 3,000 2,000 500 1,750 Per Unit $55.00 35.00 56.00 60.00 35.80 60.00 36.00 60.00 Total $ 5,500 126,000 100,800 102,000 107 400 120,000 18,000 105,000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inven- tory 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 merchandise sold for the period. Jour- nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of August 31, 2014. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower