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Inputting data on general journal for FIFO peretual inventory

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 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 summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your journal entry March 31. 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 summary entries for the sales and corresponding cost of goods 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? Inventory Unit Cost column. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{3}{|c|}{ Purchases } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multirow[b]{2}{*}{ Quantity } \\ \hline & Quantity & Unit Cost & Total Cost & Quantity & Unit Cost & Total Cost & \\ \hline \multicolumn{8}{|l|}{ Jan. 1} \\ \hline 10 & & $ & $ & & & & \\ \hline \multicolumn{8}{|l|}{\begin{tabular}{l} 10 \\ 10 \end{tabular}} \\ \hline 28 & & & & & $ & $ & \\ \hline 28 & & & & & $ & $ & \\ \hline 30 & & & & & $ & $ & \\ \hline Feb. 5 & & & & & $ & $ & \\ \hline 10 & & $ & $ & & & & \\ \hline \multicolumn{8}{|l|}{10} \\ \hline 16 & & & & & $ & $ & \\ \hline 16 & . & & & & $ & $ & \\ \hline 28 & & & & & $ & $ & \\ \hline Mar. 5 & . & $ & $ & & & & \\ \hline 5 & & & & & & & \\ \hline 14 & & & & & $ & $ & \\ \hline \end{tabular} 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assun all sales were on account and date your journal entry March 31. General Journal Instructions 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? Lower Higher

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