Question 1: Inventory Cost Flow [13 marks] Jupiter Ltd uses the periodic inventory method to record the cost of sales. The company had the following inventory information available for the month of May: May Units Unit cost 1 Explanation Beginning inventory Purchase 100 $4 10 500 $5 20 Purchase 100 $7 30 Purchase 300 $8 A physical count of inventory on 31 May revealed that there were 350 units on hand. Required: For the purpose of this question, please ignore GST, but show ALL your workings. i. Calculate the cost of Goods Available for Sale for May, as per Figure 5.8 of your text. (5 marks) ii. Calculate the amount assigned to the Ending Inventory on 31 May. Assume that the company uses the FIFO method, as per Figure 5.8 of your text. (3 marks) iii. Calculate the amount assigned to the Ending Inventory on 31 May. Assume that the company uses the weighted average cost method. (2 marks) iv. Calculate the cost of Sales for May. Assume that the company uses the LIFO method