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 Date Transaction Number Per Unit Total of Units 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 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 equired: -Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ustrated in Exhibit 4, using the last in, frit-out method. Under Lato, units are inventory at different co se units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOW unit cost first in the Inventory Unit Cat bunn Round unit cost to two decimal plac Midnight Supplies Perpetual Inventory Account LDO Method For the three months ended March 31 Cost of Merchandise Sold Purchases Date Quantity Unit Cost Total Cost Quantity Man. 1 tit Cost Inventory Total Cost Quantity C Total C Jan 10 Jan. 28 Jan. 30 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 3. Determine the ending inventory cost as of March 31.