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Inventory Costing Methods.Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 150 units @ $30 per unit 12 Purchased 100 units 535 per unit 16 Sold 180 units 24 Purchased 170 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first in first-out, (b) last-in, first out, and the weighted average cost methods. Do not round until your final answers, Round your final answers to the nearest dollar A First in First-out Ending Inventory $ 9.250 Cost of Goods Sold 5 5,550 H. Last in first-out Ending inventory 5 7,300 K Cost of Goods Sold S 7,500 M C Weghted average cost Ending Inventory 5 8104 X Cost of Goods Sold $ 6,695 X Check