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Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three - month period

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:
Date Transaction Number
of Units Per Unit Total
Jan. 1 Inventory 9,000 $60.00 $540,000
Jan. 10 Purchase 21,00070.001,470,000
Jan. 28 Sale 10,250140.001,435,000
Jan. 30 Sale 5,750140.00805,000
Feb. 5 Sale 3,500140.00490,000
Feb. 10 Purchase 39,50075.002,962,500
Feb. 16 Sale 15,000150.002,250,000
Feb. 28 Sale 10,000150.001,500,000
Mar. 5 Purchase 25,00082.002,050,000
Mar. 14 Sale 30,000150.004,500,000
Mar. 25 Purchase 10,00088.40884,000
Mar. 30 Sale 19,000150.002,850,000
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.
Date Purchases
Quantity Purchases
Unit Cost Purchases
Total Cost Cost of
Goods Sold
Quantity Cost of
Goods Sold
Unit Cost Cost of
Goods Sold
Total Cost Inventory
Quantity Inventory
Unit Cost Inventory
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
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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.
Line Item Description Amount
Total sales $fill in the blank 72
Total cost of goods sold $fill in the blank 73
Gross profit $fill in the blank 74
3. Determine the ending inventory cost as of March 31.
fill in the blank 1 of 1$
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