Options for formulas in drop down menu are:- Neither, Average, FIFO

Flounder-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Units Unit Cost 120 Sales Unit Price Date Units May 1 $100 3 80 $246 8 100 111 13 80 269 15 60 116 20 60 293 27 40 320 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average Cost of Goods Sold $ Ending Inventory $ Identify the cost formula the company should use if it wants to maximize gross profit and net income? Identify the cost formula the company should use if it wants to maximize gross profit and net income? Which cost formula produces the higher ending inventory valuation? Which cost formula produces the higher cash flow