Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number of Units Per Unit Total 7,500 $75.00 $562,500 22.500 85.00 1,912,500 11,250 150.00 1,687,500 3,750 150.00 562,500 1.500 150.00 225,000 54,000 87.50 4.725,000 27,000 160.00 4,320,000 25,300 160.00 4,000,000 45,000 99.50 4,027,500 30,000 150.00 4,800,000 7,500 90.00 675.000 25,250 160.00 4,200,000 Date Transaction Jan. 1 Inventory 10 Purchase 20 Sale 30 Sale Feb. 5 10 Sale Purchase 16 Sale 20 Sale Mar 5 Purchase 14 Sale 25 Purchase Required: Accessible Canvas Domain List X Ch7 HW-2 eBook 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ustrated in Exhibit 5, using the weighted average r method. Round unit cost to two decimal places, if necessary. Date Jan. 1 Jan. 10 Jan. 28 Jan. 30 A ACCT111 Over and Understated X CengageNOW | Online teach X 8 https://v2.cengagenow.com/in/takeAssignment/takeAssignmentMain.doinvoker-&takeAssignmentSessionLocator Feb. 5 Feb. 10 Feb. 16 Feb. 28 Man S Mac 14 Quantity 22,500 4 $4,000 45,000 Purchases Unit Cost more Chack My Weremaning 85 87.50 09.50 Total Cost 1,912,500 4,725,000 4,027,500 Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 311 Cost of Merchandise Sold Unit Cost Quantity 11,250 3,750 1,500 27,000 25,500 30,000 82.5 82.5 82.5 66.5 86.5 88.75 Total Cost 920,125 309,375 123,750 2,335,500 2,205,750 2,662,500 Quantity 7,500 30,000 18,750 15,000 13,500 67,500 40,500 15,000 60,000 30,000 Accessible Canvas Domain List X A ACCT111 Over and Understate XCengageNOW2 | Online teach + Ch7 HW-2 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar 5 Mar. 14 Mar 25 Mar, 30 Mar 31 https://N2.cengagenow.com/r/takeAssignment/takeAssignmentMain.do?invokerc&takeAssignmentSessionLocator 54,000 Balances 45,000 7,500 eBook 87.50 89.50 90 4,725,000 10,001,250 4,027,500 675,000 3,750 1,500 27,000 25,500 30,000 26,250 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandien sold Gross profe from sales 3. Determine the riding ventury cost as of March 31 1,001,250 82.5 82.5 86.5 86.5 89 309,375 123,750 2,335,500 2,205,750 2,662,500 2,336,250 10,901,250 15,000 13,500 67,500 40,500 15,000 60,000 30,000 37,500 11,250