1. LIFOPerpetual InventoryThe beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are as follows:

   Jan. 1		Inventory	2,500		$60.00		$150,000
   10		Purchase	7,500		68.00		510,000
   28		Sale	3,750		120.00		450,000
   30		Sale	1,250		120.00		150,000
   Feb. 5		Sale	500		$120.00		$60,000
   10		Purchase	18,000		70.00		1,260,000
   16		Sale	9,000		125.00		1,125,000
   28		Sale	8,500		125.00		1,062,500
   Mar. 5		Purchase	15,000		71.60		1,074,000
   14		Sale	10,000		125.00		1,250,000
   25		Purchase	2,500		72.00		180,000
   30		Sale	8,750		125.00		1,093,750

   Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated inExhibit 5, 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. Round unit cost to two decimal places, if necessary.

   Jan. 1							$	$
   Jan. 10	$	$
   Jan. 28				$	$
   Jan. 30
   Feb. 5
   Feb. 10
   Feb. 16
   Feb. 28
   Mar. 5
   Mar. 14
   Mar. 25
   Mar. 30
   Mar. 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 March 31, 2016.$

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