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. Inventory 7,400 $79.00 $504,600 10 Purchase 22,200 89.00 1,975,800 28 Sale 11,100 159.00 1,750,000 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 25,160 168.0D 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 3D 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 Exhibiting 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 ig and learning res 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 CostTotal CostQuantity Unit CostTotal CostQuantity 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 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. 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. Inventory 7,400 $79.00 $504,600 10 Purchase 22,200 89.00 1,975,800 28 Sale 11,100 159.00 1,750,000 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 25,160 168.0D 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 3D 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 Exhibiting 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 ig and learning res 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 CostTotal CostQuantity Unit CostTotal CostQuantity 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 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
