The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,400 $78.00 $577,200 10 Purchase 28 Sale 22,200 11,100 88.00 156.00 30 Sale 3,700 156.00 1,953,600 1,731,600 $77,200 Feb. 5 Sale 1,480 156.00 230,880 10 Purchase 53,280 90.50 4,821,840 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 26,640 166.00 25,160 166.00 4,176,560 44,400 92.50 4,107,000 29,600 166.00 4,913,600 7,400 93.00 688,200 25,900 166.00 4,299,400 4,422,240 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 Cost of Goods Sold Date Quantity Purchases Unit Cost Total Cost Quantity Unit Cost Jan. 1 Jan. 10 22,200 Jan. 28 88 1,953,600 11,100 $ 88 5 Jan. 30 Feb. 5 Feb. 101 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. S Inventory Total Cost Quantity Unit Cost 7,400 78 $ Homework: Chapter 6 assig Total Cost 577,200