Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inwertory system. The following May data are for an item in Merritts inventory: Calculate the cost of goods sold for Mry and ending imventory at May 3 t using (o) first-in, first-out, (b) fast-in, first-out, and (c) the weighted-average cost methods: Do not round untilyour final answers. Round your final answers to the nearest dollar. Firsilin Fint-out Endrig inventory Cost of Goods Sold. E lase on first-ost Ending inmentory Cost of Goods Sold Weigited swerage cost. Ending linventory Cosr ot Coods 5 old