Business, 14.12.2021 02:20 ahorseman

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

Date TransactionNumber
of UnitsPer UnitTotal
Jan. 1 Inventory7,500 $75.00 $562,500
10 Purchase22,500 85.00 1,912,500
28 Sale11,250 150.00 1,687,500
30 Sale3,750 150.00 562,500
Feb. 5 Sale1,500 150.00 225,000
10 Purchase54,000 87.50 4,725,000
16 Sale27,000 160.00 4,320,000
28 Sale25,500 160.00 4,080,000
Mar. 5 Purchase45,000 89.50 4,027,500
14 Sale30,000 160.00 4,800,000
25 Purchase7,500 90.00 675,000
30 Sale26,250 160.00 4,200,000
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
PurchasesCost of Goods SoldInventory
DateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal Cost
Jan. 1 $$
Jan. 10 $$
Jan. 28 $$
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31Balances $ $
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 profit$
3. Determine the ending inventory cost as of March 31.
$ Please use same format to answer in the same exact location so that i can check my work

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Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplie...

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