Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 , are as follows: Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold nearest cent and final answers to the nearest dollar. Merchandise inventory, March 31 Cost of merchandise sold 4. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers