1. 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:

   Date		Transaction	Number of Units		Per Unit		Total
   Jan. 1		Inventory	7,700		$79.00		$608,300
   10		Purchase	23,100		89.00		2,055,900
   28		Sale	11,550		158.00		1,824,900
   30		Sale	3,850		158.00		608,300
   Feb. 5		Sale	1,540		158.00		243,320
   10		Purchase	55,440		91.50		5,072,760
   16		Sale	27,720		168.00		4,656,960
   28		Sale	26,180		168.00		4,398,240
   Mar. 5		Purchase	46,200		93.50		4,319,700
   14		Sale	30,800		168.00		5,174,400
   25		Purchase	7,700		94.00		723,800
   30		Sale	26,950		168.00		4,527,600

   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			Inventory
   Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
   Jan. 1								$	$
   Jan. 10		$	$
   Jan. 28					$	$
   Jan. 30
   Feb. 5
   Feb. 10
   Feb. 16
   Feb. 28
   Mar. 5
   Mar. 14
   Mar. 25
   Mar. 30
   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	$
   Total cost of goods sold	$
   Gross profit	$

   3. Determine the ending inventory cost as of March 31. $