The beginning inventory for funky party supplies and data on purchases and sales for a three-month period are shown in problem 7-1a. instructions 1. determine the inventory on march 31, 2016, and the cost of goods 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, 2016, and the cost of goods sold for the three- month period, using the last-in, first-out method and the periodic inventory system