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	7,500		$73.00		$547,500
10		Purchase	22,500		83.00		1,867,500
28		Sale	11,250		146.00		1,642,500
30		Sale	3,750		146.00		547,500
Feb. 5		Sale	1,500		146.00		219,000
10		Purchase	54,000		85.50		4,617,000
16		Sale	27,000		156.00		4,212,000
28		Sale	25,500		156.00		3,978,000
Mar. 5		Purchase	45,000		87.50		3,937,500
14		Sale	30,000		156.00		4,680,000
25		Purchase	7,500		88.00		660,000
30		Sale	26,250		156.00		4,095,000

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.