eriodic inventory by three methods Instructions FIFO LIFO Weighted Average Final Question Instructions 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 $562,500 10 Purchase 85.00 22,500 11,250 1,912,500 1,687,500 28 Sale 150.00 30 Sale 3,750 150.00 562,500 Feb Sale 1,500 150.00 Purchase 87.50 54,000 27.000 225,000 4.725,000 4,320.000 16 Sale 160.00 8 8 6 8 Sale 25,500 100.00 4,080,000 Mar Purchase 45,000 89.50 14 Sale 30,000 160.00 4,027,500 4000,000 . 675.000 25 Purchase 7,500 90.00 30 Sale 26 250 160.00 4,200,000 41F A d de 105er 4 % 5 6 & 7 8 9 0 hodic inventory by three methods Instructions FIFO LIFO Weighted Average Final Question nstructions FIFO 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first tout method and the periodic Inventory system $ Invertory, March 31 Cost of goods sold IS computation Compare the gross profit and the March 3 inventories BE 417 ce BA DSC & N 4 % 5 6 8 9 backs o > R T Y U I O P P ] eriodic inventory by three methods Instructions FIFO LIFO Weighted Average Final Question Instructions LIFO Shaded cells have feedback 2 Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last in firstout method and the periodic inventory system Inventory, March 31 Cost of goods sold $11,021.250,00 Paha Freda GM W H 2. Note that the periode hvemy wysem ned is this problem. I means the most unes purchased are assumed to be the first to competent 4. Compare me gross profit and the Marchivo RIM 1/1/2021 417 TI WAG $ 4 back % 5 5 & 7 6 00 8 9 O ] J Y LH U R T E LL G G J K A / t shift V BN M Instructions LIFO Weighted Average Shaded cells have feedback. Shaded cells have feedback 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 and use that amount in subsequent computations Inventory, March 31 $ Cost of goods sold S Ints: 0/2 Feedback Check My Work 3. Note that the periodic inventory system is used in this problem. The weighted average cost means the average cost of all available That 4. Compare the gross profit and the March 3 inventores 41F 7:32 PM 11/3/2021 nted Average Final Question Shaded cells have feedback Instructions LIFO Weighted Average Final Question 4. Compare the gross profit and the March 31 inventories, using the following column headings Shaded cells have feedback Shaded cells have feedback. Question not attempted. 1 FIFO LIFO Weighted Average 2 Sales Cost of goods sold Gross profit 6 Inventory, March 31 BI 41F 7:32 PM 11/3/2021