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. 4. (15 points) A company made the following merchandise purchases and sales during the month of May: May 1 Purchased May 5 Purchased May
. 4. (15 points) A company made the following merchandise purchases and sales during the month of May: May 1 Purchased May 5 Purchased May 10 Sold May 20 Purchased May 25 Sold 380 units at $15 each 270 units at $17 each 400 units at $50 each 300 units at $22 each 400 units at $50 each Assume that there was no beginning inventory (1) Calculate the ending inventory using the LIFO periodic inventory method. (2) Calculate the ending inventory using the FIFO periodic inventory method. (3) If the company wants to lower the amount of income taxes to be paid, which method will it choose? State the reason
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