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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.DateDateJan. 11010282830Feb. 51010161628Mar. 5514142525303031 BalancesQuantity21,00039,50025,00010,000PurchasesUnit Cost$70.00$75.00$82.00$88.40Total Cost$1,470,000$2,962,500$2,050,000$884,000QuantitySSSSSSSSSSCost of goods SoldUnit Cost$$||$$$||$$$S||$$Total CostQuantityS$$$S$S$SS$S$$$$$InventoryUnit CostSsSSssSSSsSSSSSSSSTotal Cost The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:DateJan.Feb.Mar.Transaction Number of Units9,00021,00010,2505,7503,5001 Inventory10Purchase28Sale30 Sale5Sale1016285 Purchase142530PurchaseSaleSaleSalePurchaseSale39,50015,00010,00025,00030,00010,00019,000Per Unit$60.0070.00140.00140.00140.0075.00150.00150.0082.00150.0088.40150.00Total$540,0001,470,0001,435,000805,000490,0002,962,5002,250,0001,500,0002,050,0004,500,000884,0002,850,000Required: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 thefirst-in, first-out method.2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost ofgoods sold for the period. Assume that all sales were on account and date your journal entry March 31.3. 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?

Name: 1. Record the inventory, purchases, and cost of goods sold data in a
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Description: 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. Under FIFO, if units are in inventory at two different costs, enter th