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Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number of Units Date Transaction Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3.750 150.00 562.500 Feb. 5 Sale 1,500 150.00 225,000 4,725,000 10 Purchase 54,000 B7450 16 Sale 27,000 160.00 4.320.000 26 Sale 160.00 Mar. 5 Purchase 89.50 4,080,000 4,027,500 4,800,000 14 25,500 45,000 30,000 7,500 26,250 Sale 160.00 25 Purchase 90.00 675,000 30 Sale 160.00 4,200,000 Required: Chapter 7 Homework Midnight Supplies Perpetual Inventory Account LIFO Method For the three-months ended Marc Cost of Merchandises Total Cost Unit Cost Purchases Unit Cost Quantity Quantity son: jan 10 22.500 1,912,500 an 11,250 1.250 x an 3,750 x Fus 1,500 82.50 b. 10 54.000 87.50 4,725,00 16 27,000 16.50 25.500 36.50 Har 45.000 89.50 1,072,50 4,027,50 14 30,000 38.75 Mar 25 7.500 90.00 675,000 675,000 26,250 x 89.00 125,250 X Mar 30 Mar. 11 Chapter 7 Homework Mar. 25 7,500 90.00 675,000 89.00 X 26,250 x 125,250 x Mar 30 > Mar 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross pront 19,875,000 10,901,2 8,973,75 3. Determine the ending inventory cost as of March 31. 1,001,25 x

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