Periodic inventory by three methads The beginning Inveatory at Midnight 5 upplles and deta on pu cheses sad sales tor a three month jorlad ending March 31 ane 85 follows: 1. Determint the inventory on Marcti 31 and the cost. of goots sold for the three-tronth period, using the first-in, frst-out method and the periedit inventory system. Inventory, Mardi 31 Cost of gands sold 2. Determine the inventory on Marct 31 and the coss of goots seld for the three-menth period, using the last-in, first-out method and the periotic inveritery system. Thwentory, March 31. Cast of goeds sold 5 Inventory, Marct 31 Cast of gonds sold 4 2. Determine the Inventory on March 31 and the cost of goods sold for the three month period, usirg the last In, flrst out method and the periodle Invertory systern. Imventory, March 31 : cast of gocits sold 1 Inventory, March 31 : Cost or joods sold 1 T Chock Hy 'Ma's 4. Whan the cost of purchases are Increasing, ITFD will produce a higher cost of goods sold, which will result in a lawer gress protit