PR 7-4A Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases a three-month period are shown in Problem 7-1A. OBJ. 2, 3 nd sales fora 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. month period, using the last-in, first-out method and the periodic inventory system. month period, using the weighted average cost method and the periodic inventory 2. Determine the inventory on March 31 and the cost of merchandise sold for the three- 3. Determine the inventory on March 31 and the cost of merchandise sold for the three- 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 proft Inventory, March 31 PR 7-4A Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases a three-month period are shown in Problem 7-1A. OBJ. 2, 3 nd sales fora 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. month period, using the last-in, first-out method and the periodic inventory system. month period, using the weighted average cost method and the periodic inventory 2. Determine the inventory on March 31 and the cost of merchandise sold for the three- 3. Determine the inventory on March 31 and the cost of merchandise sold for the three- 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 proft Inventory, March 31