Question 4: Perpetual Inventory; FIFO, Weighted Average Cost (6 marks) A record of transactions for the month of May is as follows: Purchases Sales May 1 (balance) 400 @ $4.00 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @$4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 1,200 @ $4.50 25 1,400 @ 8.00 29 500 @ $4.75 Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. Required: a) Assuming that perpetual inventory records are kept in dollars, calculate the ending inventory using FIFO. b) What is the ending inventory balance in dollars if the weighted average-cost basis is used (round to the nearest dollar)