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 Date Transaction Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 150.00 3,750 1,500 562,500 225,000 Feb. 5 Sale 150.00 10 Purchase 87.50 4,725,000 4,320,000 16 54,000 27,000 25,500 Sale 160.00 28 Sale 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 90.00 7,500 26,250 675,000 4,200,000 30 Sale 160.00 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 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 heading Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales 19,875,000 19,875,000 19,875,000 Cost of merchandise sold 10,891,875 11,021,250 10,901,250 X Gross profit 8,983,125 8,853,750 8,973,750 X Inventory, March 31 1,010,625 881,250 1,001,250 X