1. Hakan Merchandising Corporation's May 2023 merchandise transactions are summarized in the table below: Date Transaction May 1 Beginning Inventory May 9 Purchase May 11 Sale May 21 Purchase May 23 Sale May 26 Sale Average Costing Transaction Required: a) Calculate the cost of the goods sold for each sale, calculate the cost of the ending inventory using the FIFO method, and journalize the purchase and sale transactions using the perpetual inventory system (assume that both sales and purchases are on credit). Date Beginning May 1 Inventory May 9 Purchase May 11 Sale May 21 Purchase May 23 Sale May 26 Sale May 9 May 11 May 21 May 23 May 26 Quantity Unit Price Total 500 4,500 4,000 9,000 3,000 5,000 Unit Quantity Price 500 4,500 4,000 9,000 3,000 5,000 78 39,000 80 360,000 95 380,000 82 738,000 98 294,000 96 480,000 Total 78 39,000 80 360,000 95 380,000 82 738,000 98 294,000 96 480,000 Average Cost Inventory on Hand COGS b) Calculate the cost of the goods sold for May and calculate the cost of the ending inventory using the FIFO method and periodic inventory system.

1. Hakan Merchandising Corporation's May 2023 merchandise transactions are summarized in the table below: Required: a) Calculate the cost of the goods sold for each sale, calculate the cost of the ending inventory using the FIFO method, and jourmalize the purchase and sale transactions asing the perpetual inventory system (assume that both sales and purchases are on credit). May 8 May 11 May 21 May 23 May 26 b) Calculate the cost of the goods sold for May and calculate the cost of the ending inventory using the FIFO method and periodic inventory system. 1. Hakan Merchandising Corporation's May 2023 merchandise transactions are summarized in the table below: Required: a) Calculate the cost of the goods sold for each sale, calculate the cost of the ending inventory using the FIFO method, and jourmalize the purchase and sale transactions asing the perpetual inventory system (assume that both sales and purchases are on credit). May 8 May 11 May 21 May 23 May 26 b) Calculate the cost of the goods sold for May and calculate the cost of the ending inventory using the FIFO method and periodic inventory system