LIFO 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 7,500 $75.00 5562,500 Inventory Purchase 10 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 Required: Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Purchases Unit Cost Inventory Unit Cost Date Quantity Total Cost Total Cost Quantity Total Cost Jan. 1 7,500 75 $ 562,500 7,500 Jan. 10 22,500 $ 85 1,912,500 Jan. 28 11,250 85 956,250 Jan. 30 3,750 85 318,750 Feb. 5 1,500 85 127,500 Feb. 10 54,000 87.5 4,725,000 Feb. 16 27,000 87.5 2,362,500 Feb. 28 25,500 87.5 2,231,250 Mar. 5 45,000 89.5 4,027,500 Mar. 14 30,000 89.5 2,685,000 Mar. 25 7,500 90 675,000 Mar. 30 Mar. 31 Balances 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 S Gross profit si 3. Determine the ending inventory cost as of March 31