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 8,000 $79.00 $632,000 10 Purchase 24,000 89.00 2,136,000 28 Sale 12,000 158.00 1,896,000 30 Sale 4,000 158.00 632,000 Feb. 5 Sale 1,600 158.00 252,800 10 Purchase 57,600 91.50 5,270,400 16 Sale 28,800 168.00 4,838,400 28 Sale 27,200 168.00 4,569,600 Mar. 5 Purchase 48,000 93.50 4,488,000 14 Sale 32,000 168.00 5,376,000 25 Purchase 8,000 94.00 752,000 30 Sale 28,000 168.00 4,704,000 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. 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 Ab. 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