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apter 7 Work eBook Show Me How May 31 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize t Record sale Record 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of May 31, 2016 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out Lower v Feedback Chack My Work 1. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, endin the oldest layer, which is beginning inventory When deciding which layer to use for costing of the ne the other units sold should be taken from the next purchase layer, which then contains the oldest cos Check My Work 1 more Check My Work uses remaining 0