Weighted Average Cost Method

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supples and data on purchases and sales for a three-month period are as follows Number Date Transaction of Units Per Unit Tota an. 1 Inventory 7,50o 0 Purchase 22,50085.00 1,912,500 1,250150.001,687,500 3,750 150.00562,500 1,500 150.00 225,000 4,00087.50 4,725,000 27,000 160.00 4,320,000 25,500 160.00 4,080,000 Mar.S Purchase 45,000 9 504,027,500 0,000160.00 4,800,000 500 90.00 675,000 26,250 160.004,200,000 28 Sale 30 Sale Feb. S Sale 10 Purchase 6 Sale 28 Sale 14 Sale 25 Purchase 30 Sale Required 1. Record the inventory, purchases, and cost of goods sold datin a perpetual inventory record simiar to the one ilustrated in Exhibit 5, using the weighted average cost unit cost to two decimal places, if necessary, Round all total cost amounts to the nearest dellar Midnight Supplies Schedule of Cost of Goods Sold