a. FIFO

b. Average

c. Neither

a. FIFO

b. Average

c. Neither

Marigold-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Unit Price Date Units Units Unit Cost $100 May 1 120 3 80 $252 8 100 109 13 80 275 15 60 114 60 301 20 27 40 326 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average Cost of Goods Sold $ $ Ending Inventory $ $ Question Part Score --/4 Identify the cost formula the company should use if it wants to maximize gross profit and net income? Question Part Score --/1 Which cost formula produces the higher ending inventory valuation? Question Part Score --/1