The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows:

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
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

Instructions
1.	Determine the inventory on March 31 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 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 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 inventories.

3/17/17, 9(00 PM Periodic inventory by three methods Instructions The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows: Date Jan. Feb. Mar. Transaction 1 Inventory Number of Units Per Unit Total 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 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 45,000 89.50 4,027,500 30,000 160.00 4,800,000 5 Purchase 14 Sale 25 Purchase 30 Sale 7,500 90.00 675,000 26,250 160.00 4,200,000 Instructions 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. 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. 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. 4. Compare the gross profit and the March 31 inventories. FIFO 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 $ LIFO 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. about:blank Page 1 of 2 3/17/17, 9(00 PM Inventory, March 31 $ Cost of goods sold $ Weighted Average 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 $ Final Question 4. Compare the gross profit and the March 31 inventories, using the following column headings. FIFO 1 2 Sales 3 Cost of goods sold 4 Gross profit LIFO Weighted Average 5 6 Inventory, March 31 about:blank Page 2 of 2