BAT4M Unit 3, Activity 3 Assignment Perpetual Inventory using three different methods The Reliable Appliance Mart began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for its popular microwave/convection oven. Purchases Sales Date Units Unit Cost Units Unit Price May 1 7 $150 4 5 $250 8 8 $170 12 5 $280 15 5 $180 20 4 $300 25 4 $300 a. Calculate the cost of goods sold and ending inventory using the FIFO method of inventory valuation. b. Calculate the cost of goods sold and ending inventory using the LIFO method of inventory valuation. c. Calculate the cost of goods sold and ending inventory using the Average Cost method of inventory valuation. d. Record the journal entries for the month of May using the FIFO method. All entries were cash transactions.Purchase Sale Ending Balance Unit Unit Unit Date Unit Cost Total Cost Unit Cost Total Cost Unit Cost Total Cost Amount Amount Amount 1vM8y T 5 1513.138 5 1.1358138 134411211; 5 5 1513.138 5 715131313 2| 5 151313131 5 888.1313 138411211; 8 5 171131313 2 5 158.1313 1 88131313 8 5 171131313 5 ' 12.18211; 2 5 1513.1313 818.1313 8 5 171131313 5 5 5 171131313 5 85131313 15.18211; 5 5 1813.138 5 813131313 5 5 171131313 5 5 188.1313 5 1.1581313 213411211; 4 5 171131313 5 l158131313 1 5 171131313 1 1371131313 5 5 188.138 $ ' 25.18211; 1 5 171131313 8 5 188.1313 3 711131313 2 5 1813.138 5 88131313 Coat of Goods Available for Sale 5 1,858.88 - Coat of Goods Sold 5 2,858.88 = Ending Inventory -5 1,888.88