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: Per Unit $ 75.00 85.00 150.00 150.00 Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 150.00 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale 87.50 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 25,500 45,000 30,000 7,500 26,250 160.00 160.00 89.50 160.00 90.00 160.00 4,200,000 of merchandise sold data in a perpetual e illustrated in Exhibit 3, using the first-in, first-out Instructions 1. Record the inventory, purchases, and cost of mer inventory record similar to the one illustrate method. 2 Determine the total sales and the total cost of nalize the entries in the sales and cost of me sales were on account. 3. Determine the gross profit from sales for the period of merchandise sold for the period. Jour- of merchandise sold accounts. Assume that all