Howieg Meih. III to Lnventery, March 311 Cost of goods sold 1 2. Determine the inventory on March 31 and the cost of goods spld for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 314 Cost of goods sold 5 3. Determine the inventery on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the perigdic inventory system, Round the weighted average unit cost to the nearest cent