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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:

Date		Transaction	Number of Units	Per Unit	Total
Jan.	1	Inventory	2,500	$70.00	$175,000
	10	Purchase	8,000	78.00	624,000
	28	Sale	3,800	140.00	532,000
	30	Sale	1,250	140.00	175,000
Feb.	5	Sale	500	140.00	70,000
	10	Purchase	17,000	80.00	1,360,000
	16	Sale	9,100	145.00	1,319,500
	28	Sale	8,700	145.00	1,261,500
Mar.	5	Purchase	14,300	81.60	1,166,880
	14	Sale	9,800	145.00	1,421,000
	25	Purchase	3,000	82.00	246,000
	30	Sale	7,900	145.00	1,145,500

	Required:
1.	Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated inExhibit 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?

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