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	7,600		$71.00		$539,600
10		Purchase	22,800		81.00		1,846,800
28		Sale	11,400		142.00		1,618,800
30		Sale	3,800		142.00		539,600
Feb. 5		Sale	1,520		142.00		215,840
10		Purchase	54,720		83.50		4,569,120
16		Sale	27,360		152.00		4,158,720
28		Sale	25,840		152.00		3,927,680
Mar. 5		Purchase	45,600		85.50		3,898,800
14		Sale	30,400		152.00		4,620,800
25		Purchase	7,600		86.00		653,600
30		Sale	26,600		152.00		4,043,200

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. $