1. ABC Co. has the following data related to an item of inventory and uses the periodic inventory system: Inventory, May 1 400 units @ $12 Purchase, May 7 1,400 units @ $22 Purchase, May 16 280 units @ $25 Inventory remaining, May 30 520 units Use the information above to answer the following: ABC uses the weighted average method to allocate inventory cost between Ending Inventory and Cost of Goods Sold. What value is assigned to: a. EI: CGS: b. ABC uses the FIFO cost flow assumption to allocate inventory cost between Ending Inventory and Cost of Goods Sold. What value is assigned to: EI: CGS: C. ABC uses the LIFO cost flow assumption to allocate inventory cost between Ending Inventory and Cost of Goods Sold. What value is assigned to: EI: CGS