1. 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:

   Date		Transaction	Number of Units		Per Unit		Total
   Jan. 1		Inventory	7,500		$75.00		$562,500
   10		Purchase	22,500		85.00		1,912,500
   28		Sale	11,250		150.00		1,687,500
   30		Sale	3,750		150.00		562,500
   Feb. 5		Sale	1,500		150.00		225,000
   10		Purchase	54,000		87.50		4,725,000
   16		Sale	27,000		160.00		4,320,000
   28		Sale	25,500		160.00		4,080,000
   Mar. 5		Purchase	45,000		89.50		4,027,500
   14		Sale	30,000		160.00		4,800,000
   25		Purchase	7,500		90.00		675,000
   30		Sale	26,250		160.00		4,200,000

   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							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
   Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
   Jan. 28				fill in the blank 10	$fill in the blank 11	$fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
   Jan. 30				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
   Feb. 5				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
   Feb. 10	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
   Feb. 16				fill in the blank 34	fill in the blank 35	fill in the blank 36	fill in the blank 37	fill in the blank 38	fill in the blank 39
   Feb. 28				fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
   Mar. 5	fill in the blank 46	fill in the blank 47	fill in the blank 48				fill in the blank 49	fill in the blank 50	fill in the blank 51
   Mar. 14				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
   Mar. 25	fill in the blank 58	fill in the blank 59	fill in the blank 60				fill in the blank 61	fill in the blank 62	fill in the blank 63
   Mar. 30				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
   Mar. 31	Balances					$fill in the blank 70			$fill in the blank 71

   2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

   Total sales	$fill in the blank 72
   Total cost of goods sold	$fill in the blank 73
   Gross profit	$fill in the blank 74

   3. Determine the ending inventory cost as of March 31. $fill in the blank 75