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 of Units Per Unit Total Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Date Jan. 1 Jan. 10 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 method. Roecessary. Round all total cost amounts to the nearest dollar. Jan 28 Purchases Quantity 7,800 23,400 11,700 3,900 1,560 56,160 28,080 26,520 46,800 31,200 7,800 27,300 23,400 $585,000 85.00 1,989,000 150.00 1,755,000 150.00 585,000 234,000 4,914,000 160.00 4,492,800 160.00 4,243,200 89.50 4,188,600 160.00 4,992,000 90.00 702,000 160.00 4,368,000 $75.00 150.00 87.50 Purchases Unit Cost 85 Purchases Total Cost 1,989,000 Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 7,800 31,200 Inventory Unit Cost 75 Inventory Total Cost 585,000

The beginning iventery at Midhight Supplet and data on. purchases and saies for a three imonth peried anding March 31 are as follows nequerea Thethod Roucessary, Mound all tetal cest amesints to the nearest deliar. method. Roocessary, Round all total cost amounts to the nearest dollar. 2. Determine the totai sales, the tocal cost of poods sold, and the oross profit from sais for the period Toenl wiles Tetar cess of poods soid Cross preft: 3. Determine Bes ending imventory cost an of Marth it