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:

date	transaction	number of units	per unit	total
Jan.1	Inventory	9,000	$60.00	540,000
Jan.10	Purchase	21,000	70.00	1,470,000
Jan.28	Sale	10,250	140.00	1,435,000
Jan.30	Sale	5,750	140.00	805,000
Feb.5	Sale	3,500	140.00	490,000
Feb.10	Purchase	39,500	75.00	2,962,500
Feb.16	Sale	15,000	150.00	2,250,000
Feb.28	Sale	10,000	150.00	1,500,000
Mar.5	Purchase	25,000	82.00	2,050,000
Mar.14	Sale	30,000	150.00	4,500,000
Mar.25	Purchase	10,000	88.40	884,000
Mar.30	Sale	19,000	150.00	2,850,000

1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $_________ Cost of goods sold $_________

2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $__________ Cost of goods sold $__________

3. Determine the inventory on March 31 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. Inventory, March 31 $__________ Cost of goods sold $___________

4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

	FIFO	LIFO	Weighted Average
Sales	$_______	$_______	$________
Cost of goods sold	_______	_______	________
Gross Profit	$_______	$_______	$________
Inventory, March 31	$_______	$_______	$________