**Periodic Inventory by Three Methods**This exercise will help you understand the calculation of inventory and cost of goods sold using different inventory valuation methods over a three-month period, ending on March 31.### Beginning Inventory at Midnight SuppliesThe beginning balance and subsequent transactions of purchases and sales at Midnight Supplies are detailed below:| Date | Transaction | Number of Units | Per Unit | Total ||------------|-------------|-----------------|----------|--------------|| Jan. 1 | Inventory | 9,000 | $60.00 | $540,000 || Jan. 10 | Purchase | 21,000 | $70.00 | $1,470,000 || Jan. 28 | Sale | 10,250 | 100.00 | 1,435,000 || Jan. 30 | Sale | 5,750 | 140.00 | 805,000 || Feb. 5 | Sale | 3,500 | 140.00 | 490,000 || Feb. 10 | Purchase | 39,500 | 75.00 | 2,962,500 || Feb. 16 | Sale | 15,000 | 150.00 | 2,250,000 || Feb. 28 | Sale | 10,000 | 150.00 | 1,500,000 || Mar. 5 | Purchase | 25,000 | 82.00 | 2,050,000 || Mar. 14 | Sale | 30,000 | 150.00 | 4,500,000 || Mar. 25 | Purchase | 10,000 | 88.40 | 884,000 || Mar. 30 | Sale | 19,000 | 150.00 | 2,850,000 |### Tasks1. **Determine the Inventory on March 31 and Cost of Goods Sold (COGS) using FIFO Method:** - Use the first-in, first-out method to calculate. - Fill in the blanks: - Inventory, March 31: $____

Name: **Periodic Inventory by Three Methods**This exercise will help you un
Uploaded: 2024-03-20T06:32:37.000Z
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Description: **Periodic Inventory by Three Methods**This exercise will help you understand the calculation of inventory and cost of goods sold using different inventory valuation methods over a three-month period, ending on March 31.### Beginning Inventory at Mi

Inventory Valuation Methods - Inventory can be valued using various methods - FIFO Method - Under FIFO Method company uses inventory in the production or to sell which are purchased first. LIFO Method - Under LIFO Method company uses inventory in the production or to sell which are purchased last. Weighted Average Method - Under this method company total all the inventory and cost of it and calculate average of it to value inventory. 1. FIFO Method - 2. LIFO Method - 3. Weighted Average Method - 4. Solution - Working Note - a. FIFO Method - b. LIFO Method - c. Weighted Average Method -