The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows:

Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of March 31, 2016?
Exhibit 6: Promissory Note

Number of Units Per Unit 2,500 $60.00 $150,000 7,500 68.00 510,000 3,750 120.00 450,000 250 120.00 150,000 Total Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Date Feb. 5 Sale 500 120.00 60,000 125.00 1,25,000 71.60 1,074,000 Mar. 5 Purchase 10,000 25.00 1,250,000 ase 125.00 1,093,750 Issuance Date Term Payee 2,000.00 Fresno, Califomia March 16 20 15 Ninety days Face Amount We AFTER DATE PROMISE TO PAYTO THE ORDER OF Pearland C Two thousand 00/100 DOLLARS Interest Rate VALUE RECEIVED WITH INTEREST AT10 H.B. Lane No.- 14 DUE-June 14,2015 TREASURER, SELIG COMPANY Due Date Maker