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 1,500 150.00 225,000 10 Purchase 16 Sale 54,000 87.50 4,725,000 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mac. 5 Purchase 45,000 14 Sale 30,000 89.50 160.00 4,027,500 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 goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method 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 plac Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 Cost of Goods Sold Date Jan. 1 Quantity Purchases Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 10 22,500 Check My Work 85 1,912,500