Periodic Inventory by 3 Methods Periodic Inventory by three methods instructions FIFO Weighted Average Final Question Instructions LIFO The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Date Transaction Number of Units Per Unit Total Jan 1 Inventory 2.500 560.00 5150,000 10 Purchase 7.500 68.00 510,000 28 Sale 3.750 120.00 450,000 30 Sale 1.250 120.00 150,000 Feb 5 Sale 500 120.00 60,000 10 Purchase 18.000 70.00 1.260.000 16 Sale 9,000 125.00 1,125,000 28 Sale 8,500 125.00 1,062,500 Mar 5 Purchase 15,000 71.60 1,074,000 14 Sale 10,000 125.00 1.250,000 25 Purchase 2,500 72.00 180,000 30 Sale 8.750 125.00 1,093.750 Instructions 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the penodic inventory system 2. Determine the inventory on March 31, 2016, 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, 2016, 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, 2016, inventories