1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. Round unit cost to two decimal places, if necessary.

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 March 31, 2016. $

The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are as follows: Number Date Transaction Per Unit Total of Units an.1 Inventory 2,500 $60.00 68.00 3,750 120.00 1,250 120.00 500 120.00 70.00 9,000 125.00 8,500125.00 71.60 10,000 125.00 72.00 8,750 125.00 $150,000 510,000 450,000 150,000 60,000 1,260,000 1,125,000 1,062,500 1,074,000 1,250,000 180,000 1,093,750 7,500 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Salee 28 Sale 18,000 Mar. 5 Purchase 15,000 14 Salee 25 Purchase 30 Sale 2,500