Assuming that the company use the perpetual inventory system, determine the Gross Profit for the month of May using the LIFO cost method. $396 $332 $324 494 The following lots of a particular commodity were available for sale during the year The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year What is the amount of tire inventory at the end of the year using the FIFO method? $1.645 $1, 525 $1.730 $3, 535 30. What is the amount of the inventory at the end of the year using the LIFO method? $1.645 $1, 525 $1.730 $3, 740 What is the amount of the inventory at the end of the year using the average cost method? $1.645 $1.525 $1, 730 $3, 620 32. During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is FIFO LIFO average cost weighted average