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 Total Jan. 10 Inventory Purchase Sale Number of Units 7.000 21,000 10,500 3,500 Per Unit $80.00 90.00 28 160.00 30 Sale 160.00 Feb. 5 Sale 160.00 10 Purchase 92.50 $550,000 1,890,000 1,680,000 560,000 224,000 4,662,000 4,284,000 4,046,000 3,969,000 4,760,000 665,000 4,165,000 10 Sale 170.00 25 1,400 50.400 25,200 23,800 42.000 28,000 7,000 24.500 S Mar Purchase 170.00 94.50 170.00 25 Purchase 95.00 30 Sale 170.00 Schedule of Cost of Goods sold Weighted Average Cost Method For the Three Months Ended Marcha Cost of Goods Sold Quantity Unit Cost Purchases Date Quantity Unit Cost Total Cost Jan. 1 Jan. 10 21,000 90 1,890,000 Jan 28 10,500 170 X Jan. 30 3,500 80 X (Feb. 5 1,400 80 X Feb. 10 50,400 92.50 4,662,000 Feb. 16 25,200 80X Feb. 28 23,800 80 x Mars 42,000 94.50 3,969,000 Mar. 14 28,000 94.50 X Mar. 25 7,000 95 665,000 Mar 30 24,500 80 X Man 31 Balances Total Cost Quantity Inventory Unit Cost Total Cost 7,000 80 560,000 28,000 17,500 160 X 14,000 160 X 12,600 160 X 63,000 160 X 37,800 160 X 14,000 160 X 56,000 160 X 28,000 160 X 35,000 160 X 10,500 160 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