Chapter 7: Inventories and Cost of Goods Sold Aberdeen Auto Mart uses a perpetual inventory system and reports the following transactions for the month of May for one of its products: Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method b.) Under each of the methods you prepared in part a.) above, compute Sales, Cost of Goods Sold and Gross Profit. c.) Prepare journal entries for May 24 and May 31 under all methods