Periodic inventory by three methods

Instructions FIFO LIFO Weighted Average Final Question

X Instructions The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows:

Jan.	1	Inventory	7,500	$ 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	4,080,000
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

Instructions
1.	Determine the inventory on March 31 and the cost of goods sold for the three-month period, using thefirst-in, first-out methodand the periodic inventory system.
2.	Determine the inventory on March 31 and the cost of goods sold for the three-month period, using thelast-in, first-out methodand the periodic inventory system.
3.	Determine the inventory on March 31 and the cost of goods sold for the three-month period, using theweighted average cost methodand the periodic inventory system. Round the weighted average unit cost to the nearest cent.
4.	Compare the gross profit and the March 31 inventories.