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:

Date Transaction Number

of Units Per Unit Total

Jan. $1$ Inventory $7,500$ $$75\mathrm{.}00$ $$562,500$

$10$ Purchase $22,50085\mathrm{.}001,912,500$

$28$ Sale $11,250150\mathrm{.}001,687,500$

$30$ Sale $3,750150\mathrm{.}00562,500$

Feb. $5$ Sale $1,500150\mathrm{.}00225,000$

$10$ Purchase $54,00087\mathrm{.}504,725,000$

$16$ Sale $27,000160\mathrm{.}004,320,000$

$28$ Sale $25,500160\mathrm{.}004,080,000$

Mar. $5$ Purchase $45,00089\mathrm{.}504,027,500$

$14$ Sale $30,000160\mathrm{.}004,800,000$

$25$ Purchase $7,50090\mathrm{.}00675,000$

$30$ Sale $26,250160\mathrm{.}004,200,000$

Required:

$1.$ Record the inventory, purchases, and cost of merchandise 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. $2.$ Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales $fill in the blank $72$

Total cost of merchandise sold $fill in the blank $73$

Gross profit from sales $fill in the blank $74$

$3.$ Determine the ending inventory cost as of March $31.$

$fill in the blank $75$