PR 7-4A (page 359) - Periodic inventory using the three methods. . Note: Present transactions.

3. Determine the ending inventory cost as of March 31, 201o. PR 7-4A Periodic inventory by three methods The beginning inventory for Funky Party Supplies and data on pu oBJ. 2, 3 a three-month period are shown in Problem 7-14. Instructions 1. D purchases and sales for etermine the inventory on March 31, 2016, and the cost of goods solo month period, using the first-in, first-out method and the periodic inventory for the three- 2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three- using the last-in, first-out method and the periodic inventory system. Continued month period, Inventories 3. Determine the inventory on March 31, 2016, and the cost of goods sold for the month period, using the weighted average cost method and the periodic system. Round the weighted average unit cost to the nearest cent. the. Compare the gross profit and the March 31, 2016, inventories, using the column headings 4. LIFO Weighted Average FIFO Sales Cost of merchandise sold Gross proft Inventory, March 31, 2016