16) A company made the following merchandise purchases and sales during the month of May. There w no beginning inventory. If the company uses the FIFO periodic inventory method, what would be th of the ending inventory? May 1 purchased 380 units at S15 each May 5 purchased 270 units at $17 each May 10 sold May 20 purchased 300 units at $22 each May 25 sold 400 units at S50 each 400 units at $50 each