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 $72.00 $568,800 1,943,400 10 7,900 23,700 11,850 Purchase 82.00 28 Sale 144.00 1,706,400 568,800 30 Sale 3,950 144.00 Feb. 5 Sale 1,580 144.00 227,520 10 Purchase 56,880 84.50 16 Sale 28,440 154.00 28 Sale 154.00 4,806,360 4,379,760 4,136,440 4,100,100 4,866,400 Mar. 5 26,860 47,400 31,600 Purchase 86.50 14 154.00 Sale Purchase 25 87.00 687,300 7,900 27,650 30 Sale 154.00 4,258,100 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 the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Jan. Jan. 10 $ 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