LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 54 $600 $32,400 8 Purchase 108 720 77,760 11 Sale 72 2,000 144,000 30 Sale 45 2,000 90,000 April 8 Purchase 90 800 72,000 10 Sale 54 2,000 108,000 19 Sale 27 2,000 54,000 28 Purchase 90 880 79,200 May 5 Sale 54 2,100 113,400 16 Sale 72 2,100 151,200 21 Purchase 162 960 155,520 28 Sale 81 2,100 170,100 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Keats Office Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three months ended May 31, 2016 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 3 $ $ Mar. 8 $ $ Mar. 11 $ $ Mar. 30 Apr. 8 Apr. 10 Apr. 19 Apr. 28 May 5 May 16 May 21 May 28 May 31 Balances $ $ 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ Total cost of merchandise sold $ Gross profit from sales $ 3. Determine the ending inventory cost as of May 31, 2016. $