Question 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 30, are as follows: Date Jan. 1 10 28 Sale 30 Sale Feb. 5 Sale 10 16 28 Mar. 5 Purchase 14 Sale Purchase Transaction Inventory Purchase Purchase Sale Sale 25 30 Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Required: a. Record the ending inventory and cost of merchandise sold in a perpetual inventory system, using first-in, first-out method (FIFO)