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PR 7-1A FIFO perpetual inventory OBJ. 2,3 three-month period ending March 31, are as follows: The beginning inventory at Midnight Supplies and data on purchases and sales for a Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7.500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75,00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1.687,500 562.500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Instructions 1. Record the inventory, purchases, and cost of merchandise 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 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. Quantity 7,500 Inventory Unit Total Cost Cost $75.00 $ 562,500 $75.00 $ 562,500 $85.00 1,912,500 22.500 13 14 Purchases Cost of Merchandise Sold 15 Unit Total Unit Total 16 Date Quantity Cost Cost Quantity Cost Cost 17 Jan. 1 18 10 22,500 $85.00 $1,912,500 19 20 28 11,250 $82.50 $ 956,250 21 0 $0.00 $ 22 30 3,750 $82.50 $ 309,375 23 Feb 5 1,500 $822 $ 123.750 24 10 54,000 $87.50 $4,725,000 25 26 16 27.000 $86,50 $ 2,335,500 27 28 28 25,500 $86.50 $ 2.205.750 29 Mar. 5 45,000 $89.50 $4,027,500 30 31 14 30,000 $88.75 $ 2.662,500 32 33 25 7.500 $90.00 5675,000 34 35 30 26 250 $89.00 $ 2,336,250 36 37 31 Balances $ 5,902,500 38 319