Question: PR 7-1A FIFO perpetual inventory OBJ. 2 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three. month period

month period ending March 31, are as follows: Number Par Date Transaction

PR 7-1A FIFO perpetual inventory OBJ. 2 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three. month period ending March 31, are as follows: Number Par Date Transaction of Units Unit Total Jan. 1 Inventory 7,500 $ 75.00 5 562.500 10 Purchase 22.500 85.00 1,912.500 Sale 11,250 150.00 1,687.500 30 Sale 3.750 150.00 562.500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54.000 87 50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080.000 Mar. 5 Purchase 45,000 89150 4,027,500 14 Sale 30.000 160.00 4,800.000 25 Purchase 7.500 90.00 675,000 30 Sale 26 250 160.00 4,200,000PR 7-4A Periodic inventory by three methods OBJ. 2, 4 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 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. 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. 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. 4. Compare the gross profit and the March 31 inventories, using the following column headings: FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, March 31

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