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 Per Date Transaction of Units Unit Total jan. Inventory 7,500 $75.00 $562,500 1 10 Purchase 28 Sale 22,500 85.00 1,912,500 11,250 150.00 1,687,500 3,750 150.00 562.50 30 Sale Feb. Sale 1,500 150.00 225.000 5 10 Purchase 16 Sale 28 Sale 54.000 97.50 4,725,000 27,000 160.00 4,320,000 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 99.50 4,027,500 14 Sale 30,000 160.00 1,800,000 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 sald 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 oost 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. Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cast Total Cost lan, 1 $ Jan. 10 s $ Jan. 28 $ Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 $ $ Jan. 10 $ Jan. 28 Jan. 30 Feb. 5 - - Feb. 10 Feb. 16 11 Feb. 28 Mar. 5 - - - Mar. 14 O - O Feb. 16 IO 10 Feb. 28 Mar. 5 - - I Mar. 14 1 Mar. 25 Mar. 30 Mar. 31 Balances $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold 000 $ Gross profit 3. Determine the ending inventory cost as of March 31