(15 points) Fred's Lawn Mower Sales opened on May 1 and during May had in inventory 3 zero turn mowers with 25 horsepower engines: Serial number 001 was added to inventory on May 1 at an amount of $4,500. Serial Number 002 was added to inventory on May 18 at an amount of $6,500. Serial number 003 was added to inventory on May 27 at an amount of $7,000. Components of the mowers were subject to new tariffs which increased the amount that Fred had to pay for them during May. All are identical except for the color. Fred places them on his lot for sale at a price of $10,000 each. Fred sold one of them on May 30 at the price of $10,000. Determine Fred's Gross Profit for his Income Statement for May and his remaining inventory for his Balance Sheet at the end of May for each of the following inventory valuation methods: First In First Out, FIFO Last In First Out, LIFO Weighted Average Specific Identification (assume that he sold Serial Number 002 since the Customer liked that color) (15 points) Fred's Lawn Mower Sales opened on May 1 and during May had in inventory 3 zero turn mowers with 25 horsepower engines: Serial number 001 was added to inventory on May 1 at an amount of $4,500. Serial Number 002 was added to inventory on May 18 at an amount of $6,500. Serial number 003 was added to inventory on May 27 at an amount of $7,000. Components of the mowers were subject to new tariffs which increased the amount that Fred had to pay for them during May. All are identical except for the color. Fred places them on his lot for sale at a price of $10,000 each. Fred sold one of them on May 30 at the price of $10,000. Determine Fred's Gross Profit for his Income Statement for May and his remaining inventory for his Balance Sheet at the end of May for each of the following inventory valuation methods: First In First Out, FIFO Last In First Out, LIFO Weighted Average Specific Identification (assume that he sold Serial Number 002 since the Customer liked that color)