E8.17 The following information is for the inventory of mini-kettles at Funnell Company Limited for the month of May: Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 100 $4.10 $ 410 6 Purchase 800 4.20 3,360 7 Sale 300 $7.00 $ 2,100 10 Sale 300 7.30 2,190 12 Purchase 400 4.50 1,800 15 Sale 200 7.40 1,480 18 Purchase 300 4.60 1,380 22 Sale 400 7.40 2,960 25 Purchase 500 4.58 2,290 30 Sale 200 7.50 1,500 Totals 2,100 $9,240 1,400 $10,230 Instructions a. Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under each of the following cost flow formulas: 1. FIFO 2. Weighted average (round the weighted average unit cost to the nearest one tenth of one cent)