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: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 110.00 190,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 10 Sale 15,000 Feb. 28 Sale 10,000 150.00 150.00 2,250,000 1,500,000 Mar. 5 Purchase 25,000 Mar 14 Sale 30,000 Mar. 25 Purchase Mar. 30 Sale 10,000 19,000 88.40 150.00 82.00 2,050,000 150.00 4,500,000 884,000 2,850,000 Required: Cost of Purchases Date Quantity Goods Sold Total Cost 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. Cost of Goods Sold Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Unit Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Jan. 1 9,000 60 540,000 Jan. 10 21,000 V 70 1,470,000 30,000 67 2,010,000 Jan. 28 10,250 $ 67 686,750 19,750 67 1,323,250 Jan. 30 5,750 07 385,250 11,000 07 Feb. 5 3,500 67 234,500 10,500 67 938,000 703,500 Feb. 10 39,500 75 2,962,500 50,000 73.32 3,666,000 Feb. 16 15,000 73.32 1,099,000 35,000 73.32 2,566,200 Feb. 28 10,000 73.32 733,200 25,000 73.32 Mar. 5 25,000 82 V 2,050,000 50,000 77.66 Mar. 14 30,000 77.66 2,329,800 V 20,000 77.66 Mar. 25 10,000 88.40 884,000 30,000 Mar. 30 19,000 81.24 1,543,500 11,000 81.24 81.24 Mar. 31 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 7,012,860 v 1,833,000 3,883,000 1,553,200 2,437,200 893,640 893,640 Total cost of goods sold Cress profit 7,012,860 x 3. Determine the ending inventory cost as of March 31. 893,640