Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Purchase $75.00 7,600 22,800 10 85.00 28 Sale $570,000 1,938,000 1,710,000 570,000 11,400 150.00 30 Sale 3,800 150.00 Feb. 5 Sale 1,520 150.00 228,000 10 Purchase 54,720 87.50 4,788,000 16 Sale 160.00 4,377,600 27,360 25,840 28 Sale 160.00 4.134,400 Mar 5 Purchase 45.600 89.50 4,081,200 14. Sale 30,400 160.00 4,864,000 25 Purchase 7.600 90.00 684,000 30 Sale 26,600 160.00 4.256,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record simila necessary. Round all total cost amounts to the nearest dollar Schedul Weighte For the Thr Purchases Date Quantity Unit Cost Total Cost Quantity Jan 1 Jan. 10 22,800 85 1,938,000 Check My Work 1. Record there and cost of goods soldata in perpetual ventory record the state weesverage com mothed. Hound it coute e dello Round wolcom the rest dolls Mid Sepplies Sched out of course Weighted Average Cast Method For the Three Hd March 31 Purchaus Cast of God ty Date Quantity Cut Total Cost Quantity Follo Quality Cast Totales 7.000 75 570000 Jan 10 22.000 L 35 1.038.000 Je Tan 30 11.400 DO 25 MG This 00 Fb10 34.720 7.50 70.000 F 24 MS 45.000 29.50 YEN 4.01.200 Mar 25 7.600 901 104.000 2. Mar. 25 7,600 90 684,000 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. Feedback Check My Work 1. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an determined after each purchase by dividing the total of cost of goods on hand by the total units on hand. The Inventory balance after a sale is computed by multiplying the average unit cost by the units on hands 2. Total sales are obtained by taking the number of units sold times their sale prices for all sales and adding the Inventory record. Sales minus cost of goods sold equals gross profit. 3. The ending inventory cost can be taken from the perpetual inventory record in Part (1) Check My Work