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: Number Date Transaction Per Unit Total of Units $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 Jan. 1 Inventory 7,500 $75.0 10 Purchase 28 Sale 30 Sale 22,500 85.00 11,250 150.00 3,750 150.00 1,500 150.00 87.50 27,000 160.00 25,500 160.00 89.50 160.00 90.00 26,250 160.00 Feb. 5 Sale 10 Purchase 16 Sale 28 Sale 54,000 Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale 45,000 30,000 7,500 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 systemm Merchandise inventory, March 31 Cost of merchandise sold 1,010,625 10,891,875