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: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan, 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 Feb. 5 Sale 3,500 140.00 140.00 805,000 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 Required: Cost of 4 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 method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Cost of Cost of Required: 1. Recand 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, it necessary. Round all total cost amounts to the nearest dollar. Cost of Purchases Purchases Purchases Goods Sold Cost of Goods Sold Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Inventory Quantity Jan. 1 Jan. 10 Jan. 20 Jan 30 Feb. 5 Feb. 10 Feb 16, Feb 20 Mat S Mar 14 Mar 25 Mar 30 Mac 31 Balances | || | | || 1 1 11 101 000 00 1 00 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.