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 transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory 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 Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 21 6 8 1. Determine the amount that would be reported in ending merchandise inventory on May 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted average inventory costing method. (Round all amounts to the nearest cent, $X.XX.) 131 14 More Info Totals Help Me Solve This e Text Pages Get More Help har All Check Answer May 2 Purchased 11 gallons @ $2.00 each May 6 Purchased 2 gallons @ $2.65 each May 8 Sold 3 gallons of milk to a customer May 13 Purchased 2 gallons @ $2.70 each May 14 Sold 3 gallons of milk to a customer Print Done