The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Instructions 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. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Answer Check Figure: Gross profit, $2,284,250 Determine the ending inventory cost as of March 31, 2016.