1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record , using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

Problem 6-2A Name: Section: Score: Key Code: 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost - Column K - will be graded. 1. Date Quantity Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Jan. 1 10 28 30 Feb. 5 10 16 28 1 Quantity 7,500 Inventory Unit Cost $75.00 $ Total Cost 562,500 Mar. 5 14 25 30 31 Balances 2. Total sales Total cost of goods sold Gross profit 3. Ending inventory cost 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Problem 6-2A Name: Section: Solution Scoring: ON Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost - Column K - will be graded. 1. Purchases Date Quantity Cost of Goods Sold Unit Cost Total Cost Quantity Unit Cost Inventor Total Cost Jan. 1 10 22,500 $85.00 $ 1,912,500 Quantity 7,500 7,500 22,500 28 11,250 $85.00 $ 956,250 7,500 11,250 30 3,750 $85.00 $ 318,750 7,500 7,500 Feb. 5 1,500 $85.00 $ 127,500 7,500 6,000 10 54,000 $87.50 $ 4,725,000 7,500 6,000 54,000 16 27,000 $87.50 $ 2,362,500 7,500 6,000 27,000 28 25,500 $87.50 $ 2,231,250 7,500 6,000 1,500 Mar. 5 45,000 $89.50 $ 4,027,500 14 25 7,500 6,000 1,500 45,000 30,000 7,500 $90.00 $ 675,000 1 $89.50 $ 2,685,000 7,500 6,000 1,500 15,000 7,500 6,000 1,500 15,000 7,500 30 7,500 15,000 1,500 2,250 31 Balances $90.00 $89.50 $87.50 $85.00 $ 675,000 $1342500.00 $131250.00 $191250.00 $ 11,021,250 2. Total sales Total cost of goods sold Gross profit $ 19,875,000 11,021,250 $ 8,853,750 3. Ending inventory cost 2 $881,250 7,500 3,750 mn K - will be graded. Inventory Unit Cost $75.00 $75.00 $85.00 $75.00 $85.00 $75.00 $85.00 $75.00 $85.00 $75.00 $85.00 $87.50 $75.00 $85.00 $87.50 $75.00 $85.00 $87.50 $75.00 $85.00 $87.50 $89.50 $75.00 $85.00 $87.50 $89.50 $75.00 $ Total Cost 562,500 $ 562,500 $1912500.00 $ 562,500 $956250.00 $ 562,500 $637500.00 $ 562,500 $510000.00 $ 562,500 $510000.00 $4725000.00 $ 562,500 $510000.00 $2362500.00 $ 562,500 $510000.00 $131250.00 $ 562,500 $510000.00 $131250.00 $4027500.00 $ 562,500 $510000.00 $131250.00 $1342500.00 $ 562,500 3 $85.00 $87.50 $89.50 $90.00 $75.00 $85.00 $510000.00 $131250.00 $1342500.00 $675000.00 $ $ 562,500 $318750.00 881,250 4 5 6 7 8