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 Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 5562,500 10 Purchase 22,500 85.00 1,912,500 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 $4,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7.500 90.00 675,000 30 Sale 26,250 160.00 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 inventory system 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 soid 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 Weighted Average LIFO 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 LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, March 31 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Transaction of Units Date Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 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 28 Sale 25,500 160.00 4,080,000 Mar 5 Purchase 45,000 89.50 4,027,500 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory purchases, and cost of merchandise sold data in a perpetual Inventory record similar to the one illustrated In Fxhibit 5 using the welehted average cost method Round unit cost to two decimal places necessary For 1. Record the inventory burchases and cont of merchandise wid data in perpetua inventary record in to the created in two wong the weighted ** method Round unit cost to two decimal places Midnight Supplies Schedule of cost of Merchandise Sold Weighted Average cost Method For the three months ended March 31 Cost of Merchandise Sold Quantity Unit Cast Total Cost Purchase Unit Cost Data Quantity Total Cost Investory Unit Cost Quantity Tot Isan! Jan 10 (3an, 20 Jan 10 Feb 5 Feb. 10 Feb 28 1 1 Mars Fobs Feb. 10 Feb 16 (Feb. 20 Mars Mar 14 Man 25 Mar 30 M31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period Total sales Total cost of merchandise sold Gross profit from sales 3. Determine the ending inventory cost as of March 31