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:

Instructions
1. Determine the inventory on March 31, 2016, 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, 2016, 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, 2016, 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, 2016, inventories, using the following column headings:

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Number of Units Per Unit 2,500 $60.00 $150,000 7,500 68.00 510,000 3,750 120.00 450,000 250 120.00 150,000 Total Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Date Feb. 5 Sale 500 120.00 60,000 125.00 1,25,000 71.60 1,074,000 Mar. 5 Purchase 10,000 25.00 1,250,000 ase 125.00 1,093,750 FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, March 31, 2016