The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, a

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The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
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.
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.
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.
4. Compare the gross profit and the March
31 inventories, using the following column headings. Enter all
amounts as positive numbers.
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