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: Number of Units Date Transaction Per Unit Total Jan. 1 1 7,500 $75.00 $562,500 Inventory Purchase 10 22,500 85.00 1,912,500 1,687,500 28 Sale 11,250 150.00 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 160.00 4,320,000 27,000 25,500 28 Sale 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 4,800,000 30,000 7,500 160.00 90.00 25 Purchase 675,000 30 Sale 26,250 160.00 4,200,000 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 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. $