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: Date Transaction Number of Units Per Unit Total Jan. Inventory 7.500 $75.00 $562,500 10 Purchase 22.500 35.00 1,912,500 28 11,250 150.00 1,687,500 30 Sale 3.750 150.00 562.500 Feb. 5 Sale 1,500 150.00 225.000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,000,000 Mar. 5 Purchase 45,000 89.50 4,027,500 4,800,000 14 Sale 30,000 160.00 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Roun Midnight Supplies Schedule of Cost of Merchandise Sold Weighted Average Cost Method For the three months ended March 31 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cos Schedule of cost of Herchandise Sold Weighted Average cost Method For the three months ended March 31 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1 Jan. 10 Jan 28 [Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 mars Mar. 14 Mar. 25 Mar. 30 Mar 31 Balances 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