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 Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,000 $78.00 $546,000 10 Purchase 21,000 88.00 1,848,000 28 Sale 10,500 156.00 1,638,000 30 Sale 3,500 156.00 546,000 Feb. 5 Sale 1.400 156.00 218,400 10 Purchase 50,400 90.50 4,561,200 16 Sale 25,200 166.00 4,183,200 20 Sale 23,800 166.00 3,950,800 Mar. 5 Purchase 42,000 92.50 3,885,000 14 Sale 25,000 166.00 4,648,000 25 Purchase 7,000 93.00 651,000 30 Sale 24,500 166.00 4,067,000 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, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Purchases Date Quantity Unit Cost Cost of Goods Sold Unit Cost Total Cost Quantity Total Cost Quantity 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. Inventory Quantity Unit Cost Total Cost