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 Inventory 7,500 $75.00 $562,500 Purchase 22,500 85.00 1,912,500 Jan. 1 10 28 Sale 11,250 150.00 1,687,500 562,500 30 Sale 3,750 150.00 Feb. 5 Sale 1,500 150.00 10 Purchase 54,000 87.50 16 Sale 27,000 160.00 28 Sale 25,500 160.00 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Mar. 5 Purchase 45,000 89.50 14 Sale 30,000 160.00 25 Purchase 7,500 90.00 30 Sale 26,250 160.00 1. Record the inventory, purchases, and cost of merchandise 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. Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost 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 merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit from sales 3. Determine the ending inventory cost as of March 31