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	7,800		$76.00		$592,800
10		Purchase	23,400		86.00		2,012,400
28		Sale	11,700		152.00		1,778,400
30		Sale	3,900		152.00		592,800
Feb. 5		Sale	1,560		152.00		237,120
10		Purchase	56,160		88.50		4,970,160
16		Sale	28,080		162.00		4,548,960
28		Sale	26,520		162.00		4,296,240
Mar. 5		Purchase	46,800		90.50		4,235,400
14		Sale	31,200		162.00		5,054,400
25		Purchase	7,800		91.00		709,800
30		Sale	27,300		162.00		4,422,600

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. 30				__________	__________	__________	__________	__________	__________
Feb. 5				__________	__________	__________	__________	__________	__________
Feb. 10	fill in the blank 28	__________	__________				__________	__________	__________
Feb. 16				__________	__________	__________	__________	__________	__________
Feb. 28				__________	__________	__________	__________	__________	__________
Mar. 5	fill in the blank 46	__________	__________				__________	__________	__________
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. $____________-