Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Per Date Transaction of Units Unit Total Jan. Inventory 1 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 26 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Required: 7,500 $75.00 $552,500 22,500 85.00 1,912,500 11,250 150.00 1,687,500 3,750 150.00 562,500 1,500 150.00 225,000 54,000 87.50 4,725,000 27,000 160.00 4,320,000 25,500 160.00 4,090,000 45,000 89.50 4,027,500 30,000 150.00 4,800,000 7,500 90.00 675,000 26,250 160.00 4,200,000 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-cut method and the periodic 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 period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, 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 periodic 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 4. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers. Sales Cost of merchandise sold Gross profit Inventory, March 31 FIFO LIFO Weighted Average