Weighted Average Cost Method with Perpetual Inventory 30 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 7,000 $80.00 $560,000 10 Purchase 21,000 90.00 1,890,000 28 Sale 10,500 160.00 1,680,000 Sale 3,500 160.00 560,000 Feb. s Sale 1,400 160.00 224,000 10 Purchase 50,400 92.50 4,662,000 16 Sale 25,200 170.00 4,284,000 28 Sale 23,800 170.00 4,046,000 Mar 5 Purchase 42,000 94.50 3,969,000 14 Sale 28,000 170.00 4,760,000 25 Purchase 7.000 95.00 665,000 30 Sale 24,500 170.00 4,165,000 Purchases Unit Cost Date Quantity Total Cost Jan 1 Jan. 10 21,000 90 V 1,890,000 Jan. 28 Jan. 30 Feb. 5 Feb. 10 50,400 92.50 4,662,000 Feb. 16 Feb. 28 Mar. 5 42,000 94.50 3,969,000 Mar. 14 Mar. 25 7,000 95 665,000 Mar. 30 Mar. 31 Balances Schedule of cost of Goods Sold Weighted Average Cost Method For the three months Ented Mardi 31 Cost of Goods Sold Quantity Unit Cost Total Cost 10,500 26.5 XS 280,875 X 3,500 26.75 X 1,400 26.75 X 25,200 79.35 X 23,800 80 X 1 0 5 28,000 79.35 X 22 07 35 24,500 80 X 10 fit from salam Inventory Quantity Unit Cost Total Cost 7,000 80 560,000 28,000 26.75 17,500 160 XC 14,000 160 12,600 160 X 63,000 79.35 x 37,800 160 X 14,000 160 x 56,000 160 x 28,000 160 X 35,000 160 X 10,500 79.35 X 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