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LIEO 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 of Units Date Transaction Per Unit Total Jan. 1 Inventory 7.500 $75.00 5562.500 Purchase 22.500 85.00 1,912,500 29 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 29 Sale 25,500 160.00 4,090,000 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 Required: 1. Record the inventory, purchases and cost of goods sold data in a perpetual inventory remnd simile Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different cests, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary. Midnigoplies Schedule of cost of Goods Sold MIFO Method For the Three Montis Ended march en Purchases Cost of Goods Sold Inventory Date Quantity Unit cost Total Cost Quantity Unit Cost Total oost Quantity Unit Cost Jan. 1 7,500 75 7,500 75 Jan. 10 22.500 85 1,912,500 Jan. 28 11,250 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Previous Next Check My Work Email Instructor Save and Ex Submit Assignment for Grading