32. Based upon the following data for a business with a periodic inventory system, determine the cost of merchand for August Merchandise inventory, August 1 $ 75,560 Merchandise inventory, August 31 96,330 Purchases 373,880 Purchases returns and allowances 14,760 Purchases discounts 10,900 Freight in 4,135 Cost of Merchandise Sold for August - 32. Three identical units of merchandise were purchased during May, as follows: Magnesium XP Units Cost May 3 Purchase Purchase Purchase 142 S13d 19 Total Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventor May 31 using (a) FIFO, (b) LIFO, and (e) average cost methods