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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. Inventory 7,200 $79.00 $568,800 10 Purchase 28 Sale 30 Sale 21,600 89.00 1,922,400 10,800 158.00 1,706,400 3,600 158.00 568,800 Sale 1,440 158.00 227,520 10 Purchase 16 Sale 28 Sale 51,840 91.50 4,743,360 25,920 168.00 4,354,560 24,480 168.00 4,112,640 Purchase 43,200 93.50 4,039,200 14 Sale 28,800 168.00 4,838,400 25 Purchase 7,200 94.00 676,800 30 Sale 25,200 168.00 4,233,600 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 Purchases Cost of Goods Sold Inventory Data Ouantity Unit Total .... .. Unit Total Unit Total any Cost Costany Cost Cost Cost Cost pan. 1 7,200 $ 79 $ 568,81 pan. 10 21,60$ 89 $ 1,922, 28,80 82.50 Dan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 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 profits 3. Determine the ending inventory cost as of March 31

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