Weighted Average Cost Method with Perpetual Inventory

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: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,000 $73.00 $511,000 10 Purchase 21,000 83.00 1,743,000 28 Sale 10,500 146.00 1,533,000 30 Sale 3,500 146.00 511,000 Feb. 5 Sale 1,400 146.00 204,400 10 Purchase 50,400 85.50 4,309,200 16 Sale 25,200 156.00 3,931,200 28 Sale 23,800 156.00 3,712,800 Mar. 5 Purchase 42,000 87.50 3,675,000 14 Sale 28,000 156.00 4,368,000 25 Purchase 7,000 88.00 616,000 30 Sale 24,500 156.00 3,822,000 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 cost of Goods sold Quantity Unit cost Inventory Purchases Unit Cost Date Quantity Total 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 Man 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