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	Number of Units		Per Unit		Total
Jan. 1		Inventory	7,300		$77.00		$562,100
10		Purchase	21,900		87.00		1,905,300
28		Sale	10,950		154.00		1,686,300
30		Sale	3,650		154.00		562,100
Feb. 5		Sale	1,460		154.00		224,840
10		Purchase	52,560		89.50		4,704,120
16		Sale	26,280		164.00		4,309,920
28		Sale	24,820		164.00		4,070,480
Mar. 5		Purchase	43,800		91.50		4,007,700
14		Sale	29,200		164.00		4,788,800
25		Purchase	7,300		92.00		671,600
30		Sale	25,550		164.00		4,190,200

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			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1								$	$
Jan. 10		$	$
Jan. 28					$	$
Jan. 30
Feb. 5
Feb. 10
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. $