THESE QUESTIONS ARE BASED ON THE SAME ASSIGNMENT PLEASE WORK THEM AS ONE PROBLEM.

Instructions Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,500 $64.00 $160,000 10 Purchase 7,600 72.00 547,200 28 Sale 3,700 128.00 473,600 30 Sale 1,400 128.00 179,200 Feb. 5 Sale 500 128.00 64,000 10 Purchase 18,500 74.00 1,369,000 16 Sale 8,900 133.00 1,183,700 28 Sale 8,500 133.00 1,130,500 Mar. 5 Purchase 15,000 75.60 1,134,000 14 Sale 10,000 133.00 1,330,000 25 Purchase 3,300 76.00 250,800 30 Sale 7,650 133.00 1,017,450 Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine 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 inventory using the last-in, first-out method to be higher or lower