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Weighted average cost method with perpetual inventory

The beginning inventory at Midnight Supplies and data on purchases and sales for a three$-$month period ending March $31$ are as follows:

Date Transaction Number

of Units Per Unit Total

Jan. $1$ Inventory $7,000$ $$71\mathrm{.}00$ $$497,000$

$10$ Purchase $21,00081\mathrm{.}001,701,000$

$28$ Sale $10,500142\mathrm{.}001,491,000$

$30$ Sale $3,500142\mathrm{.}00497,000$

Feb. $5$ Sale $1,400142\mathrm{.}00198,800$

$10$ Purchase $50,40083\mathrm{.}504,208,400$

$16$ Sale $25,200152\mathrm{.}003,830,400$

$28$ Sale $23,800152\mathrm{.}003,617,600$

Mar. $5$ Purchase $42,00085\mathrm{.}503,591,000$

$14$ Sale $28,000152\mathrm{.}004,256,000$

$25$ Purchase $7,00086\mathrm{.}00602,000$

$30$ Sale $24,500152\mathrm{.}003,724,000$

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 places, if necessary. Round all total cost amounts to the nearest dollar.

Date Purchases

Quantity Purchases

Unit Cost Purchases

Total Cost Cost of

Goods Sold

Quantity Cost of

Goods Sold

Unit Cost Cost of

Goods Sold

Total Cost Inventory

Quantity Inventory

Unit Cost Inventory

Total Cost

Jan. $1$ fill in the blank $1$

$7,000$

$fill in the blank $2$

$71$

$fill in the blank $3$

$497,000$

Jan. $10$ fill in the blank $4$

$fill in the blank $5$

$fill in the blank $6$

fill in the blank $7$

fill in the blank $8$

fill in the blank $9$

Jan. $28$ fill in the blank $10$

$fill in the blank $11$

$fill in the blank $12$

fill in the blank $13$

fill in the blank $14$

fill in the blank $15$

Jan. $30$ fill in the blank $16$

fill in the blank $17$

fill in the blank $18$

fill in the blank $19$

fill in the blank $20$

fill in the blank $21$

Feb. $5$ fill in the blank $22$

fill in the blank $23$

fill in the blank $24$

fill in the blank $25$

fill in the blank $26$

fill in the blank $27$

Feb. $10$ fill in the blank $28$

fill in the blank $29$

fill in the blank $30$

fill in the blank $31$

fill in the blank $32$

fill in the blank $33$

Feb. $16$ fill in the blank $34$

fill in the blank $35$

fill in the blank $36$

fill in the blank $37$

fill in the blank $38$

fill in the blank $39$

Feb. $28$ fill in the blank $40$

fill in the blank $41$

fill in the blank $42$

fill in the blank $43$

fill in the blank $44$

fill in the blank $45$

Mar. $5$ fill in the blank $46$

fill in the blank $47$

fill in the blank $48$

fill in the blank $49$

fill in the blank $50$

fill in the blank $51$

Mar. $14$ fill in the blank $52$

fill in the blank $53$

fill in the blank $54$

fill in the blank $55$

fill in the blank $56$

fill in the blank $57$

Mar. $25$ fill in the blank $58$

fill in the blank $59$

fill in the blank $60$

fill in the blank $61$

fill in the blank $62$

fill in the blank $63$

Mar. $30$ fill in the blank $64$

fill in the blank $65$

fill in the blank $66$

fill in the blank $67$

fill in the blank $68$

fill in the blank $69$

Mar. $31$ Balances $fill in the blank $70$

$fill in the blank $71$

$2.$ Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Line Item Description Amount

Total sales $fill in the blank $72$

Total cost of goods sold $fill in the blank $73$

Gross profit $fill in the blank $74$

$3.$ Determine the ending inventory cost as of March $31.$

fill in the blank $1$ of $1$$

Check My Work$10$ more Check My Work uses remaining.