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 Per Unit Total of Units Jan. 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. 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: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary. Previous Check My Work Save and Ex Emal instructor Submit Assignment for Grading All work saved. MacBook Pro SHEET 1. RECOFU USTVARY, Purchases, and cost of merca perpetual inventory recorder, method. Under UFO, if units are in inventory at two different costs, enter the units with the HIGHER un cost first in the cost of Merchandise 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 Merchandise Sold LIFO Method For the three-months ended March 31 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventor Date Quantity Unit Cost Total Cost Unit Cost Isan. Jan 10 Jan 28 Jan. 30 Trebs Feb. 10 Previous Check My Work Items Email Inductor Submitment for Grading All work saved 12.04% Macedo k WT7 eBook Show Me How Calculator Printem Purchases Cost of Merchandise Sold Inventory LANKSHEET wantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Uit Cost Total Cost Previous gress: 212 items A worked Emaior Summer for Grad Score: 10 MacBook Pro G Search or type URL $ 4 % 5 7 9 8 0 6 2 3 0 P -