3. A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 $4.20 1,300 @ $4.10 800 @ $4.30 700 $4.40 1,200 $4.50 500 $4.55 May 3 200 @$7.00 6 1,000 7.00 900 7.50 400 7.50 25 1,400 8.00 12 18 14 29 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and the cost of goods sold using: a. LIFO b. FIFO c. Moving average, use 2 decimal places