1) A firm had the following inventory transactions: Purchased 12 pens @ $ 1.50 each May 1 May 2 May 9 May 15 Sold 6 pens @ $ 3.00 each Sold 2 pens @ $ 3.25 each Purchased 20 pens @ $ 1.75 each What is the firm's inventory balance in dollars on May 15 using FIFO? 2) A firm uses LIFO and had the following inventory transactions: May 1 Purchased 20 pens @ $2.00 each May 31 Purchased 25 pens @ $2.25 each June 15 Purchased 30 pens @ $2.45 each June 27 Sold 27 pens @ $ 3.00 each June 30 Sold 17 pens @ $ 3.00 each How much was the firm's COGS for May 1- June 30? 3) A firm has the following data for Year 2: Sales: $2,500,000 Sales returns 100,000 Cost of goods sold 1,750,000 Inventory, 12/31/Year 1 525,000 Inventory, 12/31/Year 2 575,000 Find the firm's inventory turnover ratio and days sales in inventory for Year 2.