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: Number of Units Date Transaction Per Unit Total Jan. 1 7,500 $75.00 Inventory Purchase 10 22,500 85.00 $562,500 1,912,500 1,687,500 28 Sale 11,250 150.00 30 Sale 3,750 150.00 Feb. 5 Sale 1,500 150.00 562,500 225,000 4,725,000 10 Purchase 54,000 87.50 16 Sale 160.00 28 Sale 27,000 25,500 45,000 160.00 4,320,000 4,080,000 4,027,500 Mar. 5 Purchase 89.50 I 14. Sale 30,000 160.00 25 Purchase 90.00 7,500 26,250 4,800,000 675,000 4,200,000 30 Sale 160.00 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one Illustrated in Exhibi 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 Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Jan. 10 7,500 75 Jan. 28 Check My Work 1. Record the interputh cost of goods and data in a perpetovemary recortar to the one listed in its using the weighted average cost method Runsuri cotto two decimal places necessary and sa counts to the need Midnight Supplies Schedule of Cost of Goods Sold Weighted Average cost Method For the Three Month Ended Harch 31 Cost of Goods Sold Quantity Unit Cost Total Cost Taveatory Purchases Unit Com Date Quantity Total Cont Quantity Total Coal Isan. 10 7.500 5 75 Jan 20 lan 30 Febs reb 10 Feb 16 Feb. 20 Mar. 14 Mar. 30 Mon Balance 3. Determine the se, al cost of the profesor the Total sales Total cost of goods sold Grous profit 3. Determine the ending inventory costs of March Exhibit 5 Entries and Perpetual Inventory Account (Weighted Average) Jan Accounts Receivable Sales 4 Cost of Goods Sold Inventory 21,000 21,000 14,000 14,000 10 Inventory Accounts Payable 11.200 Item 1278 Cost of Purchases Goods Sold Inventory Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan 1 1.000 20.00 20,000 700 20.00 14.000 300 20.00 6.000 -10 500 22.40 11.2001 800 21.50 17,200 -22 360 21.507740 4409 21.50 9,460 28 240 21.50 5160 200 21.50 4.300 30 600 23.30 13.900 800 2285 1250 31 Balances 26.900 800 22.851280 10.800 22 Accounts Receivable Sales 22 Cost of Goods Sold Inventory 10,000 7.740 7.740 20 Accounts Receivable 7200 7,200 20 Cost of Goods Sold Inventory 3,100 Cost of goods sold 5100 January 31 Inventory 30 Inventory Accounts Payable 13.900 13.900