2. Inventory. PR 6-4A Periodic inventory by three methods The beginning inventory for Midnight Sunplies and data on purchases and sales for a tha The beginning inventory for Midnight Supp month period are shown in Problem 6-1A. Instructions 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on March 31 and the cost of goods sold for the three month period, using the weighted average cost method and the periodic inventory system. (Round the weighted average unit cost to the nearest cent.) 4. Compare the gross profit and the March 31 inventories, using the following column headings FIFO LIFO Weighted Average Sales Cost of goods sold Gross profit Inventory, March 31 oblems: Series A Problems PR 6-1A FIFO perpetual inventory Obj. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: The 3. $8.983,125 EL TEMPLATE $ Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total 562,500 1,912,500 1.687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 30,000 7,500 26,250 (Continued)