1. (5 points) A company reports the following merchandise purchases and sales for the month of May. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 380 units @ $15 = $5,700 May 5 Purchase 270 units @ $17 $4,590 May 10 Sales May 20 Purchase 300 units @ $22 = $6,600 May 25 Sales 400 units @ $50 400 units @ $50 There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of ending inventory? Date Goods Available for Sale Cost of Goods Sold Ending Inventory