eBook Calculator Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total 7,500 $75.00 $562,500 Jan. 1 10 28 Inventory Purchase Sale 22,500 85.00 1,912,500 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 1,500 150.00 225,000 Sale Purchase Sale 54,000 10 16 4,725,000 87.50 160.00 27,000 4,320,000 28 Sale 25,500 160.00 Mar. 5 Purchase 14 4,080,000 4,027,500 4,800,000 45,000 30,000 7,500 Sale 89.50 160.00 90.00 25 Purchase 675,000 23 Required: 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. Merchandise inventory, March 31 Cost of merchandise sold 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 Merchandise Inventory, March 31 Cost of merchandise sold 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 and final answers to the nearest dollar Merchandise inventory, March 31 Cost of merchandise sold 4. Compare the gross profit and the March 31 Inventories, using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross pront Inventory, March 31 My won Previous