Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction Per Unit Total of Units Jan. 1 Inventory $75.00 $562,500 7,500 22,500 10 Purchase 85.00 1,912,500 28 Sale 11,250 1,687,500 3,750 562,500 30 Feb. 5 Sale Sale 1,500 225,000 150.00 150.00 150.00 87.50 160.00 160.00 10 Purchase 54,000 16 28 Sale Sale 27,000 25,500 45,000 30,000 4,725,000 4,320,000 4,080,000 4,027,500 Mar. 5 Purchase 89.50 14 Sale 4,800,000 25 Purchase 7.500 160.00 90.00 160.00 30 Sale 675,000 4,200,000 Required: Midnight Supplies Schedule of Cost of Merchandise Sold Weighted Average Cost Method For the three months ended March 31 Cast of Merchandise Sold Ouantity Unit Cost Total Cost Purchases Inventory Date Quantity Unit Cost Total Cost Ouantity Unit Cost Total Cost san. I san, 30 Jan 28 Jan. 30 Feb. 5 [reb. 10 Feb 16 Feb. 28 Mars Mar. 14 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit from sales 11 3. Determine the ending inventory cost as of March 31