Instructions The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows: DateTransaction Number of Units Per UnitTotal Inventory 10 Purchase 28 Sale 0 Sale 5 Sale 10 Purchase 16 Sale 28 Sale 75.00$562,500 85.00 1,912,500 150.001,687,500 150.00562,500 150.00 225,000 87.50 4,725,000 160.00 4,320,000 160.00 4,080,000 89.50 4,027,500 160.00 4,800,000 90.00675,000 160.004,200,000 an. 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Feb. Mar 5 Purchase 14 Sale 25 Purchase 30 Sale Instructions 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the 3. 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. last in first out method and the periodic inventory system. 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 4. Compare the gross profit and the March 31 inventories. Check My Work 2 more Check My Work uses remaining All work saved