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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 perpethal inventoy record similar to the one illustrated in using the first-in, first-out method General Joumal instructions How does grading wark? Chart of Accounts CHART OFACCOUNT $ Midnight suppileg General Ledger REVENUE 110 Cash 410 Sales 111 Patty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interust Receivable 510 Cost of Goods Sold 141 inventory 515 Credit Card Expense 145 Ofice Supplit: 516 Cash Short and Over 146 Stere Supefies: 520 Salaries Expense 151 Frepaid Insurance 531 Advartising Experse 121 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Experse: 192 Accumalated Deprectstion Ofce 534 Onfice Supplies Expense Equipmen! 535 Rumt Experrye 193 Stere Eculamerit 194 Aceurmulates Desreciation Stpre 50 Repais Expertsts Equipntant. 5st Seling Expasses: 53. Denesuant Erennere ififeet LIABILITIES E