Periodic inventory by three methodsThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period



Periodic inventory by three methodsThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:Date Transaction Numberof Units Per Unit TotalJan. 1 Inventory 7,500 $75.00 $562,50010 Purchase 22,500 85.00 1,912,50028 Sale 11,250 150.00 1,687,50030 Sale 3,750 150.00 562,500Feb. 5 Sale 1,500 150.00 225,00010 Purchase 54,000 87.50 4,725,00016 Sale 27,000 160.00 4,320,00028 Sale 25,500 160.00 4,080,000Mar. 5 Purchase 45,000 89.50 4,027,50014 Sale 30,000 160.00 4,800,00025 Purchase 7,500 90.00 675,00030 Sale 26,250 160.00 4,200,0001. 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 $fill in the blank 1Cost of goods sold $fill in the blank 22. 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.Inventory, March 31 $fill in the blank 3Cost of goods sold $fill in the blank 43. 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 $fill in the blank 5Cost of goods sold $fill in the blank 64. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. FIFO LIFO Weighted AverageSales $fill in the blank 7 $fill in the blank 8 $fill in the blank 9 Cost of goods sold fill in the blank 10 fill in the blank 11 fill in the blank 12 Gross profit $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Inventory, March 31 $fill in the blank 16 $fill in the blank 17 $fill in the blank 18




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