CH 7-Homework eBook Printem 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 Date Transaction 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 10 Purchase 1,500 150.00 54,000 87.50 4,725,000 225,000 16 Sale 27,000 160.00 4,320,000 28 Sale 160.00 Mar 5 Purchase 89.50 14 Sale 25 Purchase 30 Sale 7,500 26,250 25,500 45,000 30,000 160.00 90.00 675,000 160.00 4,200,000 4,080,000 4,027,500 4,000,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one mustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Purchases Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Jan. 1 Jan. 10 Jan. 28 Jan. 30 Feb. 5 Feb. 101 Feb. 16: Feb. 28 1 Mar 5 Mac 14 Mar 25 Mar. 30 Mar. 31 Balances Unit Cost Inventory Total Cost Quantity Unit Cost Inventory Unit Cost Total Cost 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 merchandise sold Gross profit from sales 3. Determine the ending inventory cost as of March 31.