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Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data...

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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: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one lustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if lecessary. Round all total cost amounts to the nearest dollar. 3. Determine the ending inventory cost as of March 31. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 7,600 71.00 539,600 30,400 2,386,400 142.00 $ 71.00x

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