Periodic inventory by three methodsThe beginning inventory at Midnight Supplies and data on purchases and sales for a threemonth period ending March are as follows:Determine the inventory on March and the cost of goods sold for the threemonth period, using the firstin firstout method and the periodic inventory system.
Inventory, March $
Cost of goods sold$Determine the inventory on March and the cost of goods sold for the threemonth period, using the lastin firstout method and the periodic inventory system.
Inventory, March $
Cost of goods sold$Determine the inventory on March and the cost of goods sold for the threemonth period, using the weighted average cost method and the periodic inventory system.Round the weighted average unit cost to the nearest cent.
Inventory, March $
Cost of goods sold $Compare the gross profit and the March inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
