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 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 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 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 Mar. 25 Purchase 10,000 Mar. 30 Sale 19,000 150.00 4,500,000 88.40 884,000 150.00 2,850,000 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, us weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest c Purchases Date Quantity Jan. 1 Jan. 10 21,000 Purchases Purchases Unit Cost Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost 70 1,470,000 Jan. 28 Jan. 30 10,250 67 Cost of Goods Sold Total Cost 686,750 C C 5,750 67 385,250 Feb. 5 3,500 67 234,500 Feb. 10 Feb. 16 39,500 75 2,962,500 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 Cost of Cost of uses Cost Goods Sold Quantity Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost 9,000 60 V 000 30,000 67 V Inventory Total Cost 540,000 2,010,000 10,250 67 686,750 19,750 V 67 1,323,250 5,750 67 V 385,250 14,000 67 938,000 3,500 67 234,500 V 10,500 67 703,500 500 V 73.32 oss profit from sales for the period. 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. Feedback Check