s: Series A OBJ. 2,1 PR 7-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period ending March 31, are as follows: Date Jan. 1 10 28 30 Feb. 5 10 Transaction Inventory Purchase Sale Sale Sale Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units Per nav Unit 7,500 $ 75.00 85.00 150.00 bo 3,750 150.00 22,500 11,250 M 27,000 25,500 45,000 30,000 7,500 26,250 1,500 150.00 54,000 87.500 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 000 were on account. 23. Determine the gross profit from sales for the period. 0.02. Determine the total sales and the total cost of merchandise sold for the period. Journal odeesize the entries in the sales and cost of merchandise sold accounts. Assume that all sales

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…