The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows: Date Transaction Number of Units Per Unit 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total Jan 1 Inventory 10 Purchase 28 Sale 30 Sale 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 5 Sale 10 Purchase 16 Sale 28 Sale Feb. Mar 5 Purchase 14 Sale 25 Purchase 30 Sale 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 and use that amount in subsequent computations. 4. Compare the gross profit and the March 31 inventories