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 of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 10 Purchase $562,500 1,912,500 22,500 85.00 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 4,080,000 28 Sale 160.00 Mar. 5 Purchase 25,500 45,000 30,000 89.50 4,027,500 Sale 160.00 25 Purchase 7,500 90.00 4,800,000 675,000 4,200,000 30 Sale 26,250 160.00 Requiredi 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 $ 1,010,625.00 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 1,010,625.00 Cost of merchandise sold 10,891,875.0 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 syst. 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. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, March 31