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UFO 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: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562.500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30.000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 w 1. Record the inventory, purchases, and cost of goods sold data in perpetual ventory recordsmits the one llustrated in using the last in, first-out method. Under UFO, units are in invertory two different costs, enter the units with the PCGHER un cost fest in the cost of Goods Sold Unt Cost column and LOWER unt cost first in the Inventory Unit Cost column. Round unt cost to two decal places necessary Midnight Supplies Schedule of Cost of Goods Sold UFO Method For the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Unit Cost Total Cost son 7,500 75 562,500 Jan. 10 22,500 35 1.912,500 7,500 75 562.500 Jan 28 7.500 75 11,250 956.250 3.750 318.750 Feb. 5 1,500 35 127,500 Feb. 10 54,000 87.50 4.725,000 Treb, 16 87.50 Feb. 10 54,000 37.50 4,725,000 Feb. 16 87.50 Feb. 28 25,500 87.50 2,231,250 Mar. 5 45,000 89.50 4,027,5 Mar. 14 89.50 Mat 25 7,500 90 675,000 Mar. 14 89.50 Mar. 25 7,500 90 675,000 Mar 30 89.50 Mar 31 Balances 1,010,625 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31