Requirement 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX.) Fast Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Old Saybrook. Connecticut, location follow: (Click the icon to view the purchases and sales.) Read the requirements. Purchases Inventory on Hand Unit Cost Unit Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Total Cost Date Quantity Quantity Cost Totals More Info May 2 Purchased 8 gallons @ $1.80 each 6 Purchased 1 gallons @ $2.25 each 8 Sold 3 gallons of milk to a customer 13 Purchased 2 gallons @ $2.65 each 14 Sold 4 gallons of milk to a customer