Question: please help this is my second day stuck on this same problem Instructions 1. Record the inventory, purchases, and cost of goods sold data in


Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpofual inventory record similar to the one Illustrated in Exhibit 3, using the first-in, first-out method. 2. Dotermine the total 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 joumal entry March 31. Reler to the Chart of Accounts for exact wording of account biles: 3. Dotermine 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 invontory using the tastin. firstcout methed to be higher or lower? 3. Determine the gross profit from sales for the period. Feedback Check My Work Sales minus cost of goods sold equals gross profit. 4. Determine the ending inventory cost as of March 31
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