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: $8,983, 125 SHOW ME HOW Date Jan. 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. Journal ize 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