The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows:

Date

Transaction

Number of Units

Per Unit

Total

Jan.1Inventory2,500$60.00$150,00010Purchase7,50068.00510,00028Sale3,750120.00450,00030Sale1,250120.00150,000Feb.5Sale500120.0060,00010Purchase18,00070.001,260,00016Sale9,000125.001,125,00028Sale8,500125.001,062,500Mar.5Purchase15,00071.601,074,00014Sale10,000125.001,250,00025Purchase2,50072.00180,00030Sale8,750125.001,093,750Instructions1.Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using thefirst-in, first-out methodand the periodic inventory system.2.Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using thelast-in, first-out methodand the periodic inventory system.3.Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using theweighted average cost methodand the periodic inventory system. Round the weighted average unit cost to the nearest cent.4.Compare the gross profit and the March 31, 2016, inventories.