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. 1 Inventory 7,500 $72.00 $540,000 10 Purchase 22,500 82.00 1,845,000 28 Sale 11,250 144.00 1,620,000 30 Sale 3,750 144.00 540,000 Feb. 5 Sale 1,500 144.00 216,000 10 Purchase 54,000 84.50 4,563,000 16 Sale 27,000 154.00 4,158,000 28 Sale 25,500 154.00 3,927,000 Mar. 5 Purchase 45,000 86.50 3,892,500 14 Sale 30,000 154.00 4,620,000 25 Purchase 7,500 87.00 652,500 30 Sale 26,250 154.00 4,042,500 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 Cost of Goods Sold Purchases Unit Cost Inventory Unit Cost Date Quantity Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 7,500 $ 72 S 540,000 Jan. 10 22,500 $ 82 $ 1,845,000 30,000 82.50 X 2,475,000 X Jan. 28 11,250 $ 84.50 x 5 1,620,000 X x 18,750 82.50 x 1,546,875 X Jan. 30 3,750 84.50 x 540,000 X x 15,000 82.50 X 1,237,500 X b. 5 1,500 84.50 X 216,000 x 13,500 82.50 X 1,113,750 X rreb. 10 54,000 84.50 4,563,000 67,500 86.50 X 5,838,750 X Feb. 16 27,000 88.50 X 4,158,000 X 40,500 86.50 X 3,503,250 X Feb. 28 25,5007 88.50 x 3,927,000 X 15,000 86.50 x 1,297,500 x Mar. 5 45,000 86.50 3,892,500 60,000 88.75 X 5,325,000 X Mar. 14 30,000 90.75 X 4,620,000 X 30,000 88.75 X 2,662,500 X Mar. 25 7,500 87 652,500 37,500 89 X L. 3,337,500 X Mar. 30 26,250 91 X 4,042,500 x 11,250 89 1,001,250 X Mar. 31 Balances 10,901,250 X 1,001,250 X 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 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. $ Feedback