E7.5 Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchase 25 11 275 24 Purchase 45 13 585 Total 100 $1,100 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average-cost methods. Prove the amount allocated to cost of goods sold under each method. (a) FIFO I (b) LIFO Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average-cost methods. Prove the amount allocated to cost of goods sold under each method. (a) FIFO (b) LIFO 1 (c) Average cost