The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016 are as follows: Date Transactions No of units Per Unit Total 1-Jan Inventory 10-Jan Purchase 28-Jan Sale 30-Jan Sale 5-Feb Sale 10-Feb Purchase 16-Feb Sale 28-Feb Sale 5-Mar Purchase 14-Mar Sale 25-Mar Purchase 30-Mar Sale 2,500 $60.00 7,500 $68.00 3,750 $120.00 1,250 $120.00 500 $120.00 18,000 $70.00 9,000 $125.00 8,500 $125.00 15,000 $71.60 10,000 $125.00 2,500 $72.00 8,750 $125.00 150,000.00 $510,000.00 $450,000.00 150,000.00 $60,000.00 $1,260,000.00 $1,125,000.00 $1,062,500.00 1,074,000.00 $1,250,000.00 $180,000.00 $1,093,750.00 Instructions 1. Record the inventory, purchases and cost of merchandise sold data in a perpetual inventory record (see Exhibit 4 in the textbook for example) using "Last-in, First-out" 2. Determine the total sales and the total Cost of Merchandise Sold for each month, Assume all sales are ON Account 3. Determine the gross profit for each month 4. Determine the inventory cost at the end of each month