Inventory valuation Dave Ltd. had a beginning inventory for May comprising 600 units that had a cost of $30 per unit. A summary of purchases and sales during May is as follows May 2nd sold 400 units May 6th, purchased 1,400 units @ $32 per unit May 10th sold 800 units May 19th, purchased 1,000 units @ $34 per unit May 23rd sold 1,300 units May 30th purchased 500 units @ $36 per unit Assuming Dave Ltd. uses a perpetual inventory system; calculate the value of goods purchased, Cost of goods sold and ending inventory under each of the following valuation methods: a) Weighted average. b) First in first out. c) Carry out a comparative analysis of the two methods using their income statements.