Drag Strip, a regjonal comvenience store chain, maintains mik irventory by the galon. The first month's mik purchases and sales at its Tempe. Arizona, location follow: ( 1 (Click the icon to view the purchases and sales) Read the requirements Requirement 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LFO irventory costing method Enter the transoctons in chronological order, calculating new imventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calcula the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the noarest cent, sxock. Eniar the oldent imventery layens first) Requirements 1. Determine the amount that would be reported in ending merchandise inventory on May 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, \$X.XX.) \begin{tabular}{ll} \hline May 2 & Purchased 8 gallons @ \$1.75 each \\ May 6 & Purchased 1 gallons @ \$2.20 each \\ May 8 & Sold 3 gallons of milk to a customer \\ May 13 & Purchased 2 gallons @ $2.60 each \\ May 14 & Sold 4 gallons of milk to a customer \\ \hline \end{tabular}