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 Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Required: Sale Purchase 30 Sale Number of Units Per Unit Total 7,500 $75.00 22,500 11,250. 150.00 3,750 1,500 150.00 54,000 87.50 27,000 160.00 25,500 45,000 30,000 7,500 26,250 Merchandise inventory, March 31 Cost of merchandise sold 85.00 150.00 160.00 89.50 160.00 $ 90.00 160.00 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. $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 X 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

Uired: Determine the inveetery on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periceic ifventory systern. Determine the inventory on March 31 and the cost of merchandise sold for the thretemonth period, using the last-in, first-out medhod and the periodic inventory system. nearest cent and final answers to the nearest dollar. Compere the gross profit and the Morch 31 inventorles, using the following columit headings. Enter at amounts os positive numbers. Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and dato on purchases and sales for a three-month period ending March 31 , are as follows: Requiredi 1. Determine the imentory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-cut methed and the periodic inventory system. 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month penod, using the last-in, frit-out method and the periodic inventory sntem. Merchandite imventory, March 31 the nearest cent and finat anterers ta the nearest deiler