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	7,000		$77.00		$539,000
10		Purchase	21,000		87.00		1,827,000
28		Sale	10,500		154.00		1,617,000
30		Sale	3,500		154.00		539,000
Feb. 5		Sale	1,400		154.00		215,600
10		Purchase	50,400		89.50		4,510,800
16		Sale	25,200		164.00		4,132,800
28		Sale	23,800		164.00		3,903,200
Mar. 5		Purchase	42,000		91.50		3,843,000
14		Sale	28,000		164.00		4,592,000
25		Purchase	7,000		92.00		644,000
30		Sale	24,500		164.00		4,018,000

Required: 1. Record the inventary, purchases, and cost of goods sold data in a perpetual invertory 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 Cast Method For the Three Months Ended March 31 Purchase Cast of Goods Sold Inventory Date Quantity Unit Cast Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Jan. 10 |$ S Jan. 28 $ Jan. 30 Feb. 5 II Feb. 10 Feb. 16 Feb. 29 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances 2. Determine the total seles, 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