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 Jan. 1 Inventory 10 Purchase 28 Sale Number of Units 7,500 22,500 11,250 3,750 30 Sale 1,500 54,000 Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Per Unit Total $75.00 $562,500 85.00 1,912,500 150.00 1,687,500 150.00 562,500 150.00 225.000 87.50 4,725,000 160.00 4,320,000 160.00 4,050,000 89.50 4,027,500 160.00 4,600,000 90.00 675,000 27,000 25,500 45,000 30,000 Mar. 5 Purchase 14 Sale 25 Purchase 7,500 26,250 30 Sale 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, 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 LOWE unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, it necessary Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 net nf innte Sie Perhene Date Quantity Unit Cost Total Coat Quantity Unit Cou Total Quantity Jan 10 Jan. 28 Jan 30 TIL b. 5 Feb. 10 Feb. 16 Feb. 28 Mas Man ia Bar. 25 Mar. 30 Mar 31 Balances Sold Inventory Unit Court Total Cost Quantity Total Coat III Previous 1 $ 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 Inventory cost as of March 31