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 7,400 $80.00 $592,000 10 Purchase 22,200 90.00 1,998,000 28 Sale 11,100 160.00 1,776,000 30 Sale 3,700 160.00 592,000 Feb. 5 Sale 1,480 160.00 236,800 10 Purchase 53,280 92.50 4,928,400 16 Sale 26,640 170.00 4.528,800 28 Sale 25,160 170.00 4,277,200 Mar. 5 Purchase 44,400 94.50 4,195,800 14 Sale 29,600 170.00 5,032,000 25 Purchase 7,400 95.00 703,000 30 Sale 25,900 170.00 4,403,000 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. 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 $ Jan. 10 $ Jan. 28 Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Total Cost Quantity Total Cost 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