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	7,200		$74.00		$532,800
10		Purchase	21,600		84.00		1,814,400
28		Sale	10,800		148.00		1,598,400
30		Sale	3,600		148.00		532,800
Feb. 5		Sale	1,440		148.00		213,120
10		Purchase	51,840		86.50		4,484,160
16		Sale	25,920		158.00		4,095,360
28		Sale	24,480		158.00		3,867,840
Mar. 5		Purchase	43,200		88.50		3,823,200
14		Sale	28,800		158.00		4,550,400
25		Purchase	7,200		89.00		640,800
30		Sale	25,200		158.00		3,981,600

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.

Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1								$	$
Jan. 10		$	$
Jan. 28					$	$
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31	Balances					$			$

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. $