Inventory Costing Methods Morrison Inc. reported the following information for the month of May: Inventory, May 1 Purchase: May 7 May 18 May 27 During May, Morrison sold 139 units. The company uses a periodic inventory system, Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions 57 units 18 52 units @ $20 66 units o $22 45 units o $24 ) Assumption Cost of Goods Sold 2,804 2,616 3,312X 4,598 X Ending Invento 1. Of the 139 units sold, 48 cost $18, 36 cost $20, 50 cost $2, and s cost $24 2. FIFO 3. LIFO 4. weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar) 1.794) 1,982 X 1,786 X 21 X