OBJ. 2 - Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet., 3 - Determine the cost of inventory under the perpetual inventory system, using the FIFO, LIFO, and weighted average cost methods. The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. Determine the gross profit from sales for the period. Determine the ending inventory cost as of March 31, 2016. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? OBJ. 2 - Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet., 3 - Determine the cost of inventory under the perpetual inventory system, using the FIFO, LIFO, and weighted average cost methods. The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. Determine the gross profit from sales for the period. Determine the ending inventory cost as of March 31, 2016. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower