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PR 7-4A Periodic inventory by three methods OBJ. 2, 3 2. Inventory, $881,250 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 31 and the cost of merchandise 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 merchandise 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 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 4. Compare the gross profit and the March 31 inventories, using the following column headings Weighted Average FIFO LIFO Sales Cost of merchandise sold Gross profit Inventory, March 31 FIFO perpetual inventory PR 7-1A 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 of Units Per Total Date Transaction Unit $ 75.00 $ 562,500 Jan 7,500 Inventory 1 22,500 Purchase 85.00 1,912,500 10 150.00 11,250 1,687,500 Sale 28 Sale 30 3,750 150.00 562,500 225,000 Feb. 5 Sale 1,500 150.00 87.50 4,725,000 54,000 Purchase 10 27,000 4,320,000 Sale 160.00 16 Sale 28 25,500 160.00 4,080,000 89.50 45,000 4,027,500 Purchase Mar. 5 Sale 30,000 160.00 4,800,000 14 Purchase 7,500 90.00 675,000 25 160.00 4,200,000 Sale 26,250 30