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 7,700 $76.00 $585,200 10 Purchase 23,100 86.00 1,986,600 28 Sale 11,550 152.00 1,755,600 30 Sale 3,850 152.00 585,200 Feb. 5 Sale 1,540 152.00 234,080 10 Purchase 55,440 88,50 4,906,440 16 Sale 27,720 162.00 4,490,640 28 Sale 26,180 162.00 4,241,160 Mar. 5 Purchase 46,200 90.50 4,181,100 14 Sale 30,800 162.00 4,989,600 25 Purchase 7,700 91.00 700,700 30 Sale 26,950 162.00 4,365,900 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 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 Purchases Unit Cost Inventory Unit Cost Date Quantity Total Cost Total Cost Quantity Jan. Son 10 Jan. 20 Jan 30 Febs Feb 10 Teb20 Mars Mar 14 Mar 35 Mar. 30 Mat Balances fit from the ne 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 Purchases Unit Cost Inventory Unit Cost Quantity Total Cast Total Cost Total Cost Quantity Balance alles, the total cost of goods and the respektrome sales for the end 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