Accounting 27th edition: PR 7-2A LIFO Perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in problem 7-1A Instructions: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. determine the ending inventory cost as of march 31.

This is the table from 7-1A where it was done using FIFO

1.	Date	Purchases			Cost of Merchandise Sold			Inventory
		Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
	Jan. 1							7,500	$75.00	$ 562,500
	10	22,500	$85.00	$1,912,500				7,500	$75.00	$ 562,500
								22,500	$85.00	1,912,500
	28				7,500	$75.00	$ 562,500
					3,750	$85.00	$ 318,750	18,750	$85.00	$ 1,593,750
	30				3,750	$85.00	$ 318,750	15,000	$85.00	$ 1,275,000
	Feb. 5				3,750	$85.00	$ 318,750	15,000	$85.00	$ 1,147,500
	10	54,000	$87.50	$4,725,000				13,500	$85.00	$ 1,147,500
								54,000	$87.50	4,725,000
	16				27,000	$160.00	$ 4,320,000
					27,000	$160.00	4,320,000	40,500	$87.50	$ 3,543,750
	28				25,500	$160.00	$ 4,080,000	15,000	$87.50	$ 1,312,500
	Mar. 5	45,000	$89.50	$4,027,500				15,000	$87.50	$ 1,312,500
								45,000	$89.50	4,027,500
	14				15,000	$87.50	$ 1,320,000
					15,000	$89.50	1,342,500	30,000	$89.50	$ 2,685,000
	25	7,500	$90.00	$675,000				30,000	$90.00	$ 2,685,000
								7,500	$90.00	675,000
	30				26,250	$90.00	$ 2,349,375	3,750	$89.50	$ 335,625
								7,500	$90.00	675,000
	31	Balances					$ 10,918,875			$ 1,010,625