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PR 7-1A 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: Number Per Date Transaction of Units Unit Total Jan. 1 Inventory 7,500 S 75.00 $ 562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3.750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54.000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,030,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 V 2. Inventory, $881,250 PR 7-4A Periodic inventory by three methods 031.2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Determine the inventory on March 51 and the cost of merchandise sold for the three- month period, using the rst-in, rst-out method and the periodic inventory system. . Determine the inventory on March 31 and the cost of merchandise sold for the three- month period, using the last-in, first-out method and the periodic inventory system. . Determine the inventory on March 51 and the cost of merchandise 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. . Compare the gross profit and the March 51 inventories, using the following column headings: FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross prot Inventory, March 31