a) Calculate the amount of gross profit shown on ABC Company's income statement for May using the LIFO method.

b) Calculate the amount of net income shown on ABC Company's income statement for May using the weighted average method.

c) Calculate ABC Company's inventory turnover ratio for May using the FIFO method.

ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per unit. ABC Company had the following inventory information available for May: May 1 Beginning inventory 2,000 units @ $20 cost per unit May 3 Purchased 2,400 units@ $24 cost per unit May 8 Sold 1,800 units May 13 Purchased 2,400 units @ \$30 cost per unit May 18 Sold 1,700 units May 20 Purchase 2,200 units@ $25 cost per unit May 24 Sold 2,500 units May 30 Purchased 1,000 units@ $11 cost per unit During May, ABC Company reported operating expenses of $113,000 and had an income tax rate of 35%