Drag Strip, a regonal convenience stoee chain, maintains mik invertory by the gallon. The frst month' mik purchases and sales at its Tempe, Arizona, location follow (i. (Click the icon is view the purchases and sales) Read the iequremens. Enter the transactions in chronologcal ordor, calculating new inventisy on hand balances afier each transaction Once all of the transactons have been entored into the perpetual record, calculat: the duantity and total cost of mecchandse inventory purchased, sold, and on hand at the end of the period. (Critar all amounts to the nearest cent 3x0. Enser the oidest ipventory layen first. More info 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.) 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.) Drag Strip, a regonal convenience stoee chain, maintains mik invertory by the gallon. The frst month' mik purchases and sales at its Tempe, Arizona, location follow (i. (Click the icon is view the purchases and sales) Read the iequremens. Enter the transactions in chronologcal ordor, calculating new inventisy on hand balances afier each transaction Once all of the transactons have been entored into the perpetual record, calculat: the duantity and total cost of mecchandse inventory purchased, sold, and on hand at the end of the period. (Critar all amounts to the nearest cent 3x0. Enser the oidest ipventory layen first. More info 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.) 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.)