Weighted Average Cost Methodwith Perpetual Inventory

The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

DateTransactionNumber

of UnitsPer UnitTotalJan. 1Inventory7,900$75.00$592,50010Purchase23,70085.002,014,50028Sale11,850150.001,777,50030Sale3,950150.00592,500Feb. 5Sale1,580150.00237,00010Purchase56,88087.504,977,00016Sale28,440160.004,550,40028Sale26,860160.004,297,600Mar. 5Purchase47,40089.504,242,30014Sale31,600160.005,056,00025Purchase7,90090.00711,00030Sale27,650160.004,424,000

Required:

1.Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated inExhibit 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.

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.

$