LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales three-month period ending March 31 are as follows Date Jan 1 10 28 30 Feb. 5 10 Transaction Inventory Purchase Sale Sale Sale Purchase Number of Units 7,500 22.500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $75.00 5.00 150.00 150.00 150.00 87.50 160.00 160.00 39.50 160.00 90.00 160.00 Total $562,500 1,912,500 1.687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 16 Sale 28 Sale Mars Purchase 14 25 Sale Purchase 30 Sale Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record s tor 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, necessary Midnight Supplies