Requirement 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LIFO inventory costing method Enter the transactions in chronological order, calculating new inventory on hand balances after each transacton Once al of the transactions have been entered into the perpetual record, caloulate the quantity and total cost of mer purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X XX Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 12 $ 12 $ 2.25 27.00 2.25 27.00 May 2 2.30 41 40 6 S 2.40 18 14 40 6 2.38 16.65 225 24.75 7 11 241 33.75 3 s 9.00 14 3.00 13 11.26 225 22.50 10 281 4 14 Totals n May 15 using the LIFO inventory costing method. ch transaction Once all of the transactions have been entered into th - X i ver More Info May 2 Purchased 12 gallons @ $2.25 each 6 Purchased 6 gallons @ $2.40 each 2 8 Sold 7 gallons of milk to a customer 13 Purchased 3 gallons @ $3.00 each 14 Sold 4 gallons of milk to a customer 11 Print Done 14 10 $ 2.25 $ 22.50