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 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 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. Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost an. 1 7,500 75 562,500 lan. 10 22,500 22,500 x 85 X 1,912,500 X 85 1,912,500 lan. 28 11,250 18,750 82.50 1,546,875 82.50 928,125 lan. 30 3,750 82.50 309,375 15,000 82.50 1,237,500 Feb. 5 1,500 82.50 123,750 13,500 82.50 1,113,750 Feb. 54,000 87.50 4,725,000 13,500 X 82.50 X 1,113,750 X 10 Feb. 16 27,000 86.50 2,335,500 54,000 X 87.50 X 4,725,000 X Feb. 25,500 86.50 2,205,750 40,500 X 86.50 3,503,250 X 28 Mar. 5 45,000 89.50 4,027,500 15,000 X 86.50 X 1,297,500 X Mar. 30,000 88.75 2,662,500 15,000 X 86.50 X 1,297,500 X Mar. 7,500 90 675,000 45,000 x 89.50 X 4,027,500 x 3,750 82.50 309,375 15,000 82.50 1,237,500 30 Feb. 5 1,500 82.50 123,750 13,500 82.50 1,113,750 Feb. 10 54,000 87.50 4,725,000 13,500 x 82.50 X 1,113,750 X Feb, 16 27,000 86.50 2,335,500 54,000 X 87.50 X 4,725,000 X Feb. 28 25,500 86.50 2,205,750 40,500 x * 86.50 3,503,250 X Mar. 5 45,000 89.50 4,027,500 15,000 x 86.50 X 1,297,500 x Mar. 14 30,000 88.75 2,662,500 15,000 X 86.50 x 1,297,500 X Mar. 25 7,500 90 675,000 45,000 X 89.50 x 4,027,500 X Mar. 26,250 89 2,336,250 130 5 Mar. 31 Balances 1,001,250 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 19,875,000 Total cost of goods sold 5 10,901,250 Gross profit S 8,973,750