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 10 Purchase 22,500 85.00 $562,500 1,912,500 1,687,500 28 Sale 11,250 150.00 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 10 Purchase 87.50 54,000 27,000 16 Sale 160.00 28 Sale 25,500 160.00 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Mar. 5 Purchase 45,000 89.50 14 Sale 30,000 160.00 25 Purchase 7,500 90.00 30 Sale 26,250 160.00 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-cut method. Under UFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cast at Conds sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cast 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 Cast Unit Cost Total Cast Jan. 1 $ Quantity Jan. 10 $ Jan. 28 Jan. 30 Feb, Feb. 10 Feb. 16 Feb. 26 Mar. 5 1 - - Mar, 14 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 $ Gross profit 3. Determine the ending inventary cost as of March 31. $1