using perpetual inventory Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 17,200 v $80576,000Jan. 1021,600901,944,000Jan. 282$Jan. 30Feb. 5Feb. 1051,84092.504,795,200Feb. 16Feb. 28Mar. 543,20094.504,082,400Mar. 14Mar. 257,200 V95 V684,000 VMar. 30Mar. 31Balances2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total sales$Total cost of goods sold$ Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer UnitTotalJan. 1Inventory7,200$80.00$576,00010Purchase21,60090.001,944,00028Sale10,800160.001,728,00030Sale3,600160.00576,000Feb. 5Sale1,440160.00230,40010Purchase51,84092.504,795,20016Sale25,920170.004,406,40028Sale24,480170.004,161,600Mar. 5Purchase43,20094.504,082,40014Sale28,800170.004,896,00025Purchase7,20095.00684,00030Sale25,200170.004,284,000Required: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 costmethod. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31PurchasesCost of Goods Sold

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Description: using perpetual inventory Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTot

The inventory to be valued at the year end has two system mainly perpetual and periodic. Under the…

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Accounting

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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