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 Jan. 1 Inventory $562,500 $75.00 85.00 10 Purchase 1,912,500 7,500 22,500 11,250 3,750 28 Sale 150.00 1,687,500 30 Sale 150.00 562,500 Feb. 5 Sale 1,500 225,000 10 Purchase 4,725,000 4,320,000 16 Sale 28 Sale 4,080,000 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Mar. 5 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Purchase 4,027,500 14 Sale 25 Purchase 4,800,000 675,000 4,200,000 30 Sale 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 s 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 profit Inventory, March 31