Chapter 6 Work Problems eBook 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 of Units Date Transaction Per Unit Total Jan. 1 Inventory 8,000 $73.00 $584,000 10 Purchase 24,000 83.00 1,992,000 28 Sale 12,000 146.00 1,752,000 30 Sale 4,000 146.00 584,000 Feb. 5 Sale 1,600 146.00 233,600 10 Purchase 57,600 85.50 4,924,800 16 Sale 28,800 156.00 4,492,800 28 Sale 27,200 156.00 4,243,200 Mar. 5 Purchase 48,000 87.50 4,200,000 14 Sale 32,000 156.00 4,992,000 25 Purchase 8,000 88.00 704,000 30 Sale 28,000 156.00 4,368,000 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 to 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 Condu Durchases Chapter 6 Work Problems eBook 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 nece 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 Purchases Unit Cost Date Quantity Total Cost Inventory Unit Cost Total Cost Quantity Total Cost Jan. 1 Jan. 10 $ Jan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 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