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.

Inventory, March 31
Cost of goods sold

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.

Inventory, March 31
Cost of goods sold

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.

Inventory, March 31
Cost of goods sold

3/17/17, 9(00 PM Periodic inventory by three methods Instructions The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows: Date Jan. Feb. Mar. Transaction 1 Inventory Number of Units Per Unit Total 7,500 $ 75.00 $ 562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 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 45,000 89.50 4,027,500 30,000 160.00 4,800,000 5 Purchase 14 Sale 25 Purchase 30 Sale 7,500 90.00 675,000 26,250 160.00 4,200,000 Instructions 1. 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. 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. 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. 4. Compare the gross profit and the March 31 inventories. FIFO 1. 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 $ LIFO 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. about:blank Page 1 of 2 3/17/17, 9(00 PM Inventory, March 31 $ Cost of goods sold $ Weighted Average 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 $ Final Question 4. Compare the gross profit and the March 31 inventories, using the following column headings. FIFO 1 2 Sales 3 Cost of goods sold 4 Gross profit LIFO Weighted Average 5 6 Inventory, March 31 about:blank Page 2 of 2