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	9,000	$60.00	$540,000
Jan. 10	Purchase	21,000	70.00	1,470,000
Jan. 28	Sale	10,250	140.00	1,435,000
Jan. 30	Sale	5,750	140.00	805,000
Feb. 5	Sale	3,500	140.00	490,000
Feb. 10	Purchase	39,500	75.00	2,962,500
Feb. 16	Sale	15,000	150.00	2,250,000
Feb. 28	Sale	10,000	150.00	1,500,000
Mar. 5	Purchase	25,000	82.00	2,050,000
Mar. 14	Sale	30,000	150.00	4,500,000
Mar. 25	Purchase	10,000	88.40	884,000
Mar. 30	Sale	19,000	150.00	2,850,000

Required:

1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Jan. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
Jan. 10							fill in the blank 10	fill in the blank 11	fill in the blank 12
Jan. 28				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
Jan. 28							fill in the blank 19	fill in the blank 20	fill in the blank 21
Jan. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
Jan. 30							fill in the blank 28	fill in the blank 29	fill in the blank 30
Feb. 5				fill in the blank 31	fill in the blank 32	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
Feb. 5							fill in the blank 37	fill in the blank 38	fill in the blank 39
Feb. 10	fill in the blank 40	fill in the blank 41	fill in the blank 42				fill in the blank 43	fill in the blank 44	fill in the blank 45
Feb. 10							fill in the blank 46	fill in the blank 47	fill in the blank 48
Feb. 10							fill in the blank 49	fill in the blank 50	fill in the blank 51
Feb. 16				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
Feb. 16							fill in the blank 58	fill in the blank 59	fill in the blank 60
Feb. 16							fill in the blank 61	fill in the blank 62	fill in the blank 63
Feb. 28				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
Feb. 28							fill in the blank 70	fill in the blank 71	fill in the blank 72
Feb. 28							fill in the blank 73	fill in the blank 74	fill in the blank 75
Mar. 5	fill in the blank 76	fill in the blank 77	fill in the blank 78				fill in the blank 79	fill in the blank 80	fill in the blank 81
Mar. 5							fill in the blank 82	fill in the blank 83	fill in the blank 84
Mar. 5							fill in the blank 85	fill in the blank 86	fill in the blank 87
Mar. 5							fill in the blank 88	fill in the blank 89	fill in the blank 90
Mar. 14				fill in the blank 91	fill in the blank 92	fill in the blank 93	fill in the blank 94	fill in the blank 95	fill in the blank 96
Mar. 14				fill in the blank 97	fill in the blank 98	fill in the blank 99	fill in the blank 100	fill in the blank 101	fill in the blank 102
Mar. 14							fill in the blank 103	fill in the blank 104	fill in the blank 105
Mar. 25	fill in the blank 106	fill in the blank 107	fill in the blank 108				fill in the blank 109	fill in the blank 110	fill in the blank 111
Mar. 25							fill in the blank 112	fill in the blank 113	fill in the blank 114
Mar. 25							fill in the blank 115	fill in the blank 116	fill in the blank 117
Mar. 25							fill in the blank 118	fill in the blank 119	fill in the blank 120
Mar. 30				fill in the blank 121	fill in the blank 122	fill in the blank 123	fill in the blank 124	fill in the blank 125	fill in the blank 126
Mar. 30				fill in the blank 127	fill in the blank 128	fill in the blank 129	fill in the blank 130	fill in the blank 131	fill in the blank 132
Mar. 30							fill in the blank 133	fill in the blank 134	fill in the blank 135
Mar. 31	Balances					$fill in the blank 136			$fill in the blank 137

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Line Item Description	Amount
Total sales	$fill in the blank 138
Total cost of goods sold	$fill in the blank 139
Gross profit	$fill in the blank 140

3. Determine the ending inventory cost as of March 31. fill in the blank 1 of 1$