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PR 7-3A Weighted average cost method with perpetual inventory OBJ. 2, 3 The beginning inventory...

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PR 7-3A Weighted average cost method with perpetual inventory OBJ. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, 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. OBJ. 2,3 PR 7-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for three-month period ending March 31, are as follows: Total Date Transaction Per Unit $ 75.00 85.00 150.00 Jan. 1 10 28 150.00 30 Feb. 5 10 Inventory Purchase Sale Sale Sale Purchase Sale Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 150.00 87.50 $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 16 28 Mar. 5 14 Purchase Sale Purchase Sale 160.00 160.00 89.50 160.00 90.00 160.00 25 30

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