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 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 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 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. S Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 30 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise 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. Midnight Supplies Schedule of Cost of Merchandise Sold Weighted Average Cost Method For the three months ended March 31 Cost of Merchandise Sold Date Quantity Purchases Unit Cost Total Cost Quantity Jan 1 Jan. 10 Jan. 20 Jan 30 Fab. 5 Feb 10 Fab. 16 Feb. 20 Mar 5 Unit Cost Inventory Total Cost Quantity Unit Cost Tota Feb. 10 Feb. 16 Fab. 20 Mac s Mar 141 Mar 25 Mar 30 Mar 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the panad Total sales Total cost of merchandise sold Gross profit from sales 3. Determine the ending inventory cost as of March 31