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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: Date Transaction Per Unit Total Number of Units 7.700 23,100 Jan 1 Inventory Purchase 10 $72.00 $2.00 28 Sale 144.00 11,550 3,850 $554,400 1,894,200 1,663,200 554,400 221,760 4,684,680 Sale 30 Feb. 5 Sale 1,540 144.00 144.00 84.50 10 Purchase 55,440 27,720 16 154.00 28 Sale Sale Purchase 26,180 154.00 Mar. 5 46,200 86.50 Sale 4,268,880 4,031,720 3,996,300 4,743,200 669,900 4,150,300 154.00 30,800 7,700 Purchase 25 30 87.00 154.00 Sale 26,950 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 Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Purchases Cost of Goods Sold Check My Work mounts to the 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 Inventory Unit Cost Total Cost Total Cost 72 554,400 Quantity 7,700 30,800 19,250 79.50 2,448,600 11,550 79.50 918,225 79.50 1,530,375 3,850 79.50 306,075 15,400 79.50 1,224,300 1,540 79.50 122,430 13,860 79.50 1,101,870 69,300 83.50 5,786,550 27,720 83.50 41,580 83.50 2,314,620 2,186,030 3,471,930 26,180 83.50 15,400 83.50 1,285,900 61,600 85.75 5,282,200 30,800 85.75 2,641,100 30,800 85.75 2,641,100 3,311,000 38,500 86 26,950 86 2,317,700 11,550 86 993,300 $ 10,806,180 sales for the period. eBook Ponu Feb. 5 1,540 Feb. 10 55,440 84.50 4,684,680 Feb. 16 27,720 Feb. 28 26,180 Mar. 5 46,200 86.50 3,996,300 Mar. 14 30,800 Mar. 25 7,700 87 669,900 Mar. 30 26,950 Mar 31 Balances