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 Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,600 $58.00 $150,800 10 Purchase 7,200 66.00 475,200 28 Sale 3,950 116.00 458,200 30 Sale 1,300 150,800 116.00 116.00 Feb. 58,000 5 Sale 500 10 Purchase 17,500 68.00 1,190,000 16 Sale 9,200 121.00 1,113,200 968,000 28 Sale 8,000 121.00 69.60 Mar. 5 14,400 Purchase Sale Purchase 121.00 14 10,100 1,002,240 1,222,100 231,000 25 3,300 70.00 30 Sale 7,900 121.00 955,900 Instructions 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 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. Refer to the Chart of Accounts for exact wording of account titles. 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