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	7,500	$ 75.00	$ 562,500
10	Purchase	22,500	85.00	1,912,500
28	Sale	11,250	150.00	1,687,500
30	Sale	3,750	150.00	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

Requirements:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record 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. 3. Determine the gross profit from sales for the period