Question: Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three - month period

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. 1 Inventory 7,500 $74.00 $555,000
10 Purchase 22,50084.001,890,000
28 Sale 11,250148.001,665,000
30 Sale 3,750148.00555,000
Feb. 5 Sale 1,500148.00222,000
10 Purchase 54,00086.504,671,000
16 Sale 27,000158.004,266,000
28 Sale 25,500158.004,029,000
Mar. 5 Purchase 45,00088.503,982,500
14 Sale 30,000158.004,740,000
25 Purchase 7,50089.00667,500
30 Sale 26,250158.004,147,500
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.

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