INVENTORY PROBLEM - CHAPTER 7 ABC, Inc. buys and sells one product. The following information is available for transactions relating to this product during the month ending May 31, Year 1. Beginning Inventory (May 1. Year 1): 50.000 units at $2.50 cach Date Purchases Sales # of Cost Per W of Price Per Units Unit Units Units May 3 30,000 SS.10 May 8 20,000 $2.60 May 12 25,000 S5.20 May 18 40,000 52.70 May 24 35,000 S2.80 May 30 35,000 $5.30 Ending Inventory at May 31, Year I (per physical count): 55.000 units 1. Assuming that ABC uses the FIFO cost flow assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending May 31. Year 1. 2. Assuming that ABC uses the LIFO cost flow assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending May 31, Year I. 65 3. Assuming that ABC uses the average cost assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending May 31, Year 1 (round the weighted average per-unit cost to the nearest penny.) 4. Assuming that ABC uses the LIFO cost flow assumption and a PERPETUAL. inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending May 31, Year 1. 5. Assuming that ABC uses the average cost assumption and a PERPETUAL inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending May 31. Year 1 (round the weighted average per-unit costs to the nearest penny.) 66