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 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 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: 1,500 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 costs, 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 Midnight Supplies Schedule of Cost of Goods Sold LIFO Method 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 Quantity Date an Total Cost Total Cost Quantity Dan 10 an | DO Fa 10 F16 Midnight Supplies Schedule of Cost of Goods Sold UFO Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Inventory Unit Cost Total Cost Total Cost Quantity Total Cost 101 - Feb. 20 Mars Mar 1 25 MO Chapter 6 Work Problems Bock 04 Show Me How Mar 25 Mar 30 Mar 31 3. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the end Tube Total cost of sold Gross 3. Determine the ending wory costs of March 31 Anoni