PR 7-1A FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number of Units Per Unit Date Transaction Total 7,500 s 75.00 562,500 22,500 85.0 1,912,500 11,250 150.00 1,687,500 562,500 225,000 87.50 4,725,000 27,000 160.00 4,320,000 4,080,000 Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale 3.750 1,500 54,000 150.00 150.00 Feb. 5 Sale 10 Purchase 16 Sale 28 Sale 25,500 45,000 160.00 89.50 4,027,500 30,000 160.00 4,800,000 675,000 26,250 160.00 4,200,000 Mar. 5 Purchase 14 Sale 25 Purchase 7,500 90.00 30 Sale 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