eBook 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 Date Transaction of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050.000 Mar 14 Sale 30,000 Mar. 25 Purchase Mar 30 Sale 10,000 88.40 19,000 150.00 150.00 4,500,000 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one ilustrated in Exhibt 3, using the weighted average cost method Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Check My Work Previous Email Instructor Save and Ext Submit Assignment for Grady CES Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Purchases Date Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Jan. 1 9,000 Jan. 10 21,000 70 1,470,000 9,000 X Jan. 28 10,250 70.00 X 717,500 X 21,000 X Jan. 301 5,750 70 x 402,500 X 9,000 x Feb. 5 3,500 70 X 245,000 x 10,750 X Feb. 10 39,500 75.00 2,962,500 Feb. 16 I 15,000 74 X Feb. 28 10,000 Mar 5 25,000 82.00 2,050,000 Mar. 14 Mar 25 10,000 Mar 30 30,000 88.40 884,000 V 19,000 V Mar. 31 Balances 1,302,500 X 1,302,500 x 2. Determine the tutal sales, the total cost of goods sold, and the gross profe from sales for the period. Check My Work Email Instructor Save and Exit Subet Augment for Grading 988 817PM MWZZ DANE COLLIESEN eBook laces, if necessary. Round all total cost amounts to the nearest dollar. Cost of Purchases Unit Cost Purchases Total Cost Goods Sold Cost of Goods Sold Quantity Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 9,000 Inventory Unit Cost 60.00 22.85 x Inventory Total Cost 540,000 70 1,470,000 9,000 x 10,250 v 70.00 X 717,500 X 21,000 x 5,750 70 X 402,500 x 3,500 70 X 245,000 X 9,000 X 10,750 X 75.00 V 2,962,500 15,000 10,000 74 x 82.00 2,050,000 30,000 88.40 884,000 19,000 al cost of goods sold, and the gross profit from sales for the period. 1,302,500 1,307,500 X Check My Work Previous Emal instructie Save and Ext Submit Assignment for Grading 177 CES 986 MUG eBook Mar. 5 25,000 82.00 V 2,050,000 Mar. 14 30,000 Mar. 25 10,000 88.40 884,000 V Mar. 30 19,000 Mar. 31 Balances 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 profic 3. Determine the ending inventory cost as of March 31. D (915: Final Team Proj Jim Thorpe | Americ... 1,302,500 x 1,302,500 X Fredak Check My Wor 1. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the goods sold. Under the weighted average method the average unit cost must be determined after each purchase by dividing the total of cost of goods on hand by the total units on hand. The cost of goods sold is computed multiplying the overage unit cost on the date of sales by the units sold. The inventory balance after a sale is computed by multiplying the average unt cest by the units on hand. Check My Work Previous Email instructor Save and Ext Submit Assignment for Grading 1112