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 7900 $75.00 $592,500

10 purchase 23,700 85.00 2,014,500

28 sale 11,850 150.00 1,777,500

30 Sale 3,950 150.00 592,500

Feb 5 Sale 1,580 150.00 237,000

10 purchase 56,880 87.50 4,977,000

16 sale 28,440 160.00 4,550,400

28 sale 26,860 160.00 4,297,600

mar 5 purchase 47,400 89.50 4,242,300

14 sale 31,600 160.00 5,056,000

25 purchase 7,900 90.00 711,000

30 sale 27,650 160.00 4,424,000

1.Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated inExhibit 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

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.

$