2 Winter 2022 Question 3 of 27 View Policies Current Attempt in Progress a Novak-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the compar following purchases and sales for one of its products: Sales Purchases Units Unit Cost Date Units Unit Price May 1 120 $100 3 80 $237 8 8 100 109 13 262 15 60 115 60 287 20 27 40 310 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Aven decimal places, eg. 5.75.) FIFO Average Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average decimal places, eg: 5.75) Average FIFO Cost of Goods Sold VA Ending Inventory Question Part Score Identify the cost formula the company should use if it wants to maximize gross profit and net income? Question Part Score Which cost formula produces the higher ending inventory valuation