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 Number of units per unit total

Jan 1 Inventory 7500 $75.00 $562,500

Jan 10 Purchase 22,500 $85.00 $1,912,500

Jan 28 Sale 11,250 $150.00 $1,687,500

Jan. 30 Sale 3,750 $150.00 562,500

Feb 5 Sale 1,500 $150.00 $225,000

Feb 10 Purchase 54,000 $87.50 $4,725,000

Feb 16 Sale 27,000 $160.00 $4,320,000

Feb 28 Sale 25,500 $160.00 $4,080,000

Mar. 5 Purchase 45,000 $89.50 $4,027,500

Mar. 14 Sale 30,000 $160.00 $4,800,000

Mar. 25 Purchase 7,500 $ 90.00 $675,000

Mar 30 Sale 26,250 $160.00 $4,200,000

1. Record the inventory, purchases and cost of merchandise sold data in a perpetual inventory record similar to the one in exhibit 3. Using the first in, first out method.

2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account