Chapter 6 Work Problems eBook Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Per Unit Total Jan. 1 Inventory 7,400 $79.00 $584,600 10 Purchase 22,200 89.00 1,975,800 28 Sale 11,100 158.00 1,753,800 30 Sale 3,700 158.00 584,600 Feb. 5 Sale 1,480 158.00 233,840 10 Purchase 53,280 91.50 4,875,120 16 Sale 26,640 168.00 4,475,520 28 Sale 25,160 168.00 4,226,880 Mar. 5 Purchase 44,400 93.50 4,151,400 14 Sale 29,600 168.00 4,972,800 25 Purchase 7,400 94.00 695,600 30 Sale 25,900 168.00 4,351,200 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Midnight Sunnlia Chapter 6 Work Problems eBook Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 IT Cost of Goods Sold Purchases Quantity Total Cost Total Cost Unit Cost Quantity Unit Cost Date Quantity 7,400 Jan. 1 7,400 89 22,200 $ 1,975,800 Jan. 10 158 1,753,800 7,400 $ 11,100 Jan. 28 158 584,600 3,700 Jan. 30 158 233,840 1,480 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances 6:04 PM 3/21/2021 1 1 6 W o C e Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Inventory Unit Cost Total Cost Purchases Quantity Total Cost Unit Cost Quantity Total Cost Unit Cost Quantity 79 584,600 $ 7,400 79 584,600 7,400 89 $ 1,975,800 22,200 79 584,600 $ 158 $ 7,400 1,753,800 11,100 158 584,600 3,700 158 233,840 1,480 nces faux 6:04 PM 3/21/2021 O 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold Gross profit $ 3. Determine the ending inventory cost as of March 31