ofit, W OW PR 7-2A LIFO perpetual inventory OBJ. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period are shown in Problem 7-1A. Instructions 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. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. PR 7-1A FIFO perpetual inventory OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period ending March 31, are as follows: 000 Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $ 75.00 $ 562,500 110 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 30 Sale 3,750 150.00 1,687,500 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 1. PURCHASES Quantity Unit Cost Total Cost Quantity Cost of Merchandise Sold INVENTORY Unit Cost Total Cost Quantity Unit Cost Total Cost 7500 $ 75 562,500 85 1,912,500 7500 $ 75 562,500 11250 85 956,250 7500 75 562,500 11250 85 956,250 1500 85 127.500 7500 75 562,500 7500 85 637,500 Date Jan. 11 10 22500 28 28 30 30 Feb. 5 5 10 10 10 16 16 16 28 28 28 Mar. 5 2 555 14 14 14 14 25 25 25 25 25 30 30 30 30 31 Balances Total Sales Total Cost of Merchandise Sold Gross Profit Problem 7-2A + 2. Total Sales Total Cost of Merchandise Sold Gross Profit 3. Ending Inventory