The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 84 $375 $31,500 8 Purchase 168 450 75,600 11 Sale 113 1,250 141,250 30 Sale 71 1,250 88,750 April 8 Purchase 140 500 70,000 10 Sale 84 1,250 105,000 19 Sale 42 1,250 52,500 28 Purchase 140 550 77,000 May 5 Sale 84 1,315 110,460 16 Sale 112 1,315 147,280 21 Purchase 252 600 151,200 28 Sale 126 1,315 165,690 Required: 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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

Total sales	$
Total cost of merchandise sold	$
Gross profit from sales	$

3. Determine the ending inventory cost as of May 31, 2016.