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 7,100 $79.00 10 Purchase 21,300 89.00 $560,900 1,895,700 1,682,700 28 Sale 10,650 158.00 30 Sale 3,550 158.00 560,900 Feb. 5 Sale 1,420 158.00 224,360 10 Purchase 1.50 51,120 25,560 16 Sale 168.00 4,677,480 4,294,080 4,055,520 3,983,100 28 Sale 24,140 168.00 Mar. 5 Purchase 42,600 93.50 14 Sale 28,400 168.00 4,771,200 25 Purchase 7,100 94.00 667,400 30 Sale 24,850 168.00 4,174,800 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 Unit Cost Inventory Unit Cost Date Quantity Total Cost Total Cost Quantity Total Cost Jan. 1 Jan. 10 21,300 $ $ 89 s 1,895,700 Jan. 28 10,650 $ Jan. 30 3,550 Feb. 5 5 1,420 Feb. 10 51,120 91.50 4,677,480 Feb. 16 25,560 Feb. 28 24,140 Mar. 5 42,600 93.50 3,983,100 Mar. 14 28,400 Mar. 25 7,100 94 667,400 Mar. 30 24,850 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