:7 PARTII-BASIC INVENTORYCOMPUTATONS Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1 of 400 units of Product A at a cost of $7 per unit During May, the following purchases and sales were made. Purchases 275 units 300 units 22 400 units 24 225 units May 6 May 4 14 21 28 425 units at $13 375 250 300 units at $9 units at $10 units at $11 1.350 1.200 Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculat (a) Average: Ending Inventory- $Cost of Goods Sold S (b) FIFO: Ending Inventory Cost of Goods Sold S S (c) LIFO: Ending Inventory-3 - Cost of Goods Sold S