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 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 65.00 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 1.725,000 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 2,500 30 Sale 26,250 90.00 160.00 675,000 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one Bustrated 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 Cast column Round unit cost to two decimal places, if necessary. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 19,875,000 V 10,891,8 X 8,983,12 X 3. Determine the ending inventory cost as of March 31. 1,010,62 X