The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows:

Date

Transaction Number of Units Per Unit Total Jan.1 Inventory 7,500$ 75.00$ 562,50010 Purchase 22,50085.001,912,50028Sale11,250150.001,687,50030 Sale3,750150.00562,500 Feb.5 Sale 1,500150.00225,00010 Purchase 54,00087.504,725,00016 Sale27,000160.004,320,00028 Sale 25,500160.004,080,000 Mar.5 Purchase 45,00089.504,027,50014Sale30,000160.004,800,00025 Purchase 7,50090.00675 ,00030 Sale 26,250160.004,200,000 Instructions 1.Determine the inventory on March 31 and the cost of goods sold for the three-month period, using thefirst-in, first-out methodand the periodic inventory system.2.Determine the inventory on March 31 and the cost of goods sold for the three-month period, using thelast-in, first-out methodand the periodic inventory system.3.Determine the inventory on March 31 and the cost of goods sold for the three-month period, using theweighted average cost methodand the periodic inventory system. Round the weighted average unit cost to the nearest cent and use that amount in subsequent computations.4.Compare the gross profit and the March 31 inventories.