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 7,500 $75.00 $562,500 10 Purchase 22,500 5.00 28 Sale 11,250 1,912,500 1,687,500 562,500 30 Sale 3,750 150.00 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 28 Sale 25,500 160.00 4,000,000 45.000 89.50 Mar. 5 14 25 30 Purchase Sale Purchase Sale 30,000 7.500 26,250 160.00 90.00 160.00 4,027,500 4,500,000 675,000 4,200,000 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 periodic Mwan Previous 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 Headings. Enter all amounts as positive numbers. FIFO UFO Weighted Average Cost of merchandise sold Gross profit Inventory, March 31 C : My Won Previous O 10:39