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 of Units Per Unit Total Date Transaction Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 Feb. 28 Sale 10,000 150.00 150.00 2,250,000 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold $ 966,000 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s 680,000 Cost of goods sold $ 7,226,500 3. Determine the inventory on March 31 and the cost of goods 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. Inventory, March 31 s Cost of goods sold $ 832,260 V 7,074,210 x 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. w 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. FIFO Sales Cost of goods sold 13,830,000 -6,940,500 LIFO 13,830,000 -7,226,500 Weighted Average $ 13,830,000 Gross profit 6,889,500 $ 6,603,500 $ -7,074,210 X 6,755,790 x Inventory, March 31 $ 966,000 680,000 $ 832,260