eBook Print llem 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 Per Unit Total 7,500 $75.00 $562,500 Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 22,500 85.00 1,912,500 11,250 150.00 1,687,500 3,750 150.00 562,500 1,500 150.00 225,000 54,000 87.50 4,725,000 27,000 160.00 4,320,000 25,500 160.00 4,080,000 45,000 89.50 4,027,500 30,000 160.00 4,800,000 7,500 90.00 675,000 26,250 160.00 4,200,000 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 place nearest dollar. Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Inventory Purchases Unit Cost Total Cost Unit Cost Quantity Quantity Total Cost Total cost Date Unit Cost Quantity Jan. 1 Jan. 10 s $ Jan. 28 Jan. 30 Chad Work - - SELLSCYPTUSED nearest dollar. Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 $ Jan. 10 s si Jan. 28 $ Jan. 30 Feb. 5 1 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances 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. eBook Show Me How Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at Decemb Purchases Invoices Inventory Count, December 31 Model A10 6 B15 8 E60 5 Inventory, January 1 1st 2nd 3rd 4 at $64 4 at $704 at $76 8 at $176 4 at 158 3 at 170 6 at 184 3 at 3 753 at 65 15 at 68 9at 70 7 at 242 6 at 2505 at 260 10 at 259 12 at 240 10 at 246 16 at 267 16 at 270 2 at 108 2 at 110 3 at 128 3 at 130 5 at 1604 at 1704 at 1757 at 180 G83 9 334 15 5 M90