Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Jan. Feb. Mar. 2 1 10 28 Sale Sale 5 Sale 30 10 16 28 5 14 25 30 Transaction Number of Units Inventory 2,700 Purchase 7,300 4,050 1,200 Instructions Purchase Sale Sale Purchase Sale Purchase Sale 500 17,000 9,200 8,000 14,300 10,300 3,200 8,000 Per Unit $50.00 58.00 100.00 100.00 100.00 60.00 105.00 105.00 61.60 105.00 62.00 mal 105.00 Total $135,000 423,400 405,000 120,000 50,000 1,020,000 966,000 840,000 880,880 1,081,500 198,400 840,000 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. Determine the total sales and the total cost of goods sold for the period Journalize the entries in the sales and cost of goods sold Next

2. Detormine the total sales and the total cost of goods sold for the period. Journalize the entries in the salos and cost of goods sold accounts. Assu account and date your joumal entry March 3t. Refer to the Chart of Accounts for exact wording of account tiles. 1. Record the inventory, purchases, and cost of goods sold data in a perpotual inventory record similar to the one ilustrated in Exhibit 3 , using the first in the Cost of Goods Sold Unit Cost column and in the inventory Unit Cost column. The beginning imventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exh bit 3. using the firstin, first-out method Instructions 1. Fecord the inventory, purchases, and cost of goods sold data in a perpetual imventory record similar to the one illustrated in Exhibit 3 , using the first-in, first-out method. 2. Determine the fotal sales and the total cost of goods sold for the period. Joumalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31 . Fiefer to the Chart of Accounts for exact wording of kvount tities. 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 expoct the ending inventory using the lastin. first-out method to be higher or lower? 3. Dotermine the gross profit from sales for the period. 4. Dotermine the ending inventary cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the lastein, first-out methed to be higher or lower? Lower