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 7,000 $78.00 $592,800 10 Purchase 22.800 88.00 2,000,100 28 Sale 11,400 156.00 1,778,400 30 Sele 3,800 Feb. 5 Sele 1,520 156.00 156.00 592,800 237,120 10 Purchase 54,720 90.50 4,952,160 16 Sele 27,360 166.00 4,541,760 28 Sele 25,840 166.00 4,289,440 Mar 5 Purchase 45,600 92.50 4,218,000 14 Sale 30,400 166.00 5,046,400 25 Purchase 30 Sale 7,600 26,600 93.00 706,800 166.00 4,415,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual Inventory record similar to the one lustrated 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. Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Jen. 1 Jan. 10 22,000 88 2,006,400 Jen, 28 11,400 $ 57 X Jen. 30 3,800 120 x Feb. 5 1,520 120 x Feb. 10 54,720 90.50 4,952,160 Feb. 16 Feb. 28 27,360 v 25,840 166 x 166 X Mar. 5 45,600 92.50 4,218,000 Mar. 14 30,400 166 x Mar. 25 7,600 93 706,800 Mar. 30 7,600 X 93 X 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 19,875 X 10,901,250 x 8,973,750 x 3. Determine the ending inventory cost as of March 31. #1 by SEASOFT LTD Cost of Goods Sold Total C Inventory Inventory Inventory Quantity Unit Cost Total Cost 7,600 30,400