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 Inventory 7,600 $73.00 $554,800 10 Purchase 22,800 83.00 1,892,400 28 Sale 11,400 146.00 1,664,400 30 Sale 3,800 146.00 554,800 Feb. 5 Sale 1,520 146.00 221,920 10 Purchase 54,720 85.50 4,678,560 16 Sale 27,360 156.00 4,268,160 28 Sale 25,840 156.00 4,031,040 Mar. 5 Purchase 45,600 87.50 3,990,000 14 Sale 30,400 156.00 4,742,400 25 Purchase 7,600 88.00 668,800 30 Sale 26,600 156.00 4,149,600 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 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 01 Total cost of goods sold $ Gross profit $ 3. Determine the ending inventory cost as of March 31