(the FIFO has 31 slots)

this is a multistep question so it is question with multiple steps

Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record smilar to the one iliustrated in Exhibit 3, using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the penod Joumalize summary entries forthe seles and comespending cost of goods sold for the period. Assume that all sales were on acoount and date yourjoumal entry Alarch 31 . 3. Detemine the gross profit from sales for the peniod 4. Detemine the ending inventory cost as of March 31 5. Eesed uoon the oreceding date would vou exoeot the endina inventorv using the last-in first-put me:hag th be higherrorierien? Chart of Aceounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Invertory 145 Office Supplies 148 Store Supplies 151 Prepaid insurance 181 Land 181 Office Equipment: 192 Accumulated Depreciation-Ofice Equipment 183 Store Equipment 184 Accumulated Depreciation-Store Equipmen: REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 582 Delvery Expense 533 nsurance Expense 534 Office Supplies Expense 535 Rent Experse EgB Reper' Expense 837 Seling Expenses sB, Ginre Gunnlies Fxhense art of Accounts 146 Store Supplies ozU Salaries Expense 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 183 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense Unit Cost column and in the inventory Unit Cost column. FIFO mn. irchases nit Cost nit Cost \begin{tabular}{|l|l|} \hline & \\ \hline \\ \hline \\ \hline \\ \hline & \\ \hline \end{tabular} Cost of Goods Sold Total Cost 5 5 Unit Cost 5 5 5 S s s 5 Inventory Total Cost 5 5 5 5 S Unit Cost 5 5 5 5 5 5 5 s 5 5 5 Total Cost 5 5 5 5 5 5 5 5 5 5 General Joumal Instructions 3. Detemine the gross profit from sales for the penod. 4. Detemine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the last-in. first-out method to be higher or lower? Lower Higher