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	7,400		$79.00		$584,600
10		Purchase	22,200		89.00		1,975,800
28		Sale	11,100		158.00		1,753,800
30		Sale	3,700		158.00		584,600
Feb. 5		Sale	1,480		158.00		233,840
10		Purchase	53,280		91.50		4,875,120
16		Sale	26,640		168.00		4,475,520
28		Sale	25,160		168.00		4,226,880
Mar. 5		Purchase	44,400		93.50		4,151,400
14		Sale	29,600		168.00		4,972,800
25		Purchase	7,400		94.00		695,600
30		Sale	25,900		168.00		4,351,200

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							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
Jan. 28				fill in the blank 10	$fill in the blank 11	$fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
Jan. 30				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
Feb. 5				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
Feb. 10	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
Feb. 16				fill in the blank 34	fill in the blank 35	fill in the blank 36	fill in the blank 37	fill in the blank 38	fill in the blank 39
Feb. 28				fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
Mar. 5	fill in the blank 46	fill in the blank 47	fill in the blank 48				fill in the blank 49	fill in the blank 50	fill in the blank 51
Mar. 14				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
Mar. 25	fill in the blank 58	fill in the blank 59	fill in the blank 60				fill in the blank 61	fill in the blank 62	fill in the blank 63
Mar. 30				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
Mar. 31	Balances					$fill in the blank 70			$fill in the blank 71

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Total sales	$fill in the blank 72
Total cost of goods sold	$fill in the blank 73
Gross profit	$fill in the blank 74

3. Determine the ending inventory cost as of March 31. $fill in the blank 75