The following information is taken from the records of West End Distributors Inc. for the month ended May 31 May 1 6 12 29 Purchase #1 Purchase #2 Purchase #3 Purchase #4 Purchase #5 Units 100 200 125 350 150 Unit cost $1 2 2 3 At May 31, 200 units remain unsold. For specific identification purposes, items on hand at May 31 were: 100 units of purchase #1 100 units of purchase #4 The other units were sold on May 31 for $2 each. Required Calculate the cost of ending invent01Y under each of the following costing methods. b. c. 2. 3. FIFO Specific identification Weighted average Complete the following calculations: FIFO Sales Cost of goods sold Gross Profit Spec _ Ident Weighted Average One of the company's strategies is to minimize income taxes and its accounting policies will reflect this. Which inventory cost method should they adopt and why?