Weighted average cost method with perpetual inventory The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 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. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Determine the ending inventory cost as of August 31. 2014. Weighted average cost method with perpetual inventory The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 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. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Determine the ending inventory cost as of August 31. 2014