F16 x & fx A B D E G H 2 3 EB12. LO 10.3 Prepare joumal entries to record the following transactions, assuming perpetual inventory updating and last-in, first-out (LIFO) cost allocation. Assume no beginning inventory. Number of Units Unit Cost Mar. 12, purchased merchandise for resale 120 $52 Mar. 15. purchased merchandise for resale 180 56 Mar. 16, sold merchandise for $95 per unit 90 4