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: 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 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. Jan. 30 5,750 70.00 402,500 Feb. 5 3,5000.00245,000 Feb. 10 75.00 2,962,500 Feb. 16 Feb. 28 Mar. 5 25,000 Mar. 14 Mar. 25 Mar. 25 Mar. 30 Mar. 31 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit fr 3. Determine the ending inventory cost as of March 31. X