Periodic Inventory by Three Methods The beginning inventory at Midnight Supples and data on purchases and sales for a three month penod ending March 31, are as follows: Number Date Transaction of Units Per Unit Total Jan, 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 30 Sale 1,687,500 562,500 3,750 150.00 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 37.50 4,725,000 54,000 27,000 16 Sale 160.00 28 Sale 25,500 160.00 Mar. 5 Purchase 45,000 89.50 14 Sale 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 30,000 160.00 25 Purchase 7,500 90.00 30 Sale 26,250 160.00 Required: Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three month period, using the first in, first-out method and the penodic inventory system Merchandise inventory, March 31 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three month penod, using the last-n, first-out method and the penodic inventory system Merchandise nventory, March 31 Cost of merchandise sold 3. Determine the inventory on March 31 and the cost of merchandise sold for the three month period, using the weighted average cost method and the penodic inventory system Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar. Merchandise inventory, March 31 Cost of merchandise sold 1. Compare the gross profit and the March 31 inventores, using the following columbeadings. Enter al amounts as posve numbers FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, March 31