Periodic inventory by three methods

The beginning inventory at Midnight Supplies and data on purchases and sales for a three$-$month period

Periodic inventory by three methods

The beginning inventory at Midnight Supplies and data on purchases and sales for a three$-$

$\backslash$table$[[$Date$.$ Transaction,$\backslash$table$[[$Number$],[$of Units$]],$Per Unit,Total$],[$Jan$.1$ Inventory,$9,000,$$$60\mathrm{.}00,$$$540,000$ending March $31$ are as follows:

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$$ $$

Cost of goods sold $ $$

$6,889,500$

$2.$ 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 $31$

$682,500$

Cost of goods sold $ $$

$6,606,000$

$3.$ 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 $31$

Cost of goods sold $

$$

$$

$4.$ 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.

$q,$ FIFO

LIFO

Weighted Average

Sales

Cost of goods sold

Gross profit

Inventory, March $31$