FIFO and LIFO inventory methods. A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 @ $5.20 May 3 200 @ $7.00 4 1,300 $5.10 6 1,000 @ 7.00 8 800 @$5.30 12 900 @ 7.50 14 700 @ $5.40 18 400 @ 7.50 22 1,200 @ $5.50 25 1,400 @ 8.00 29 500 @ $5.55 Perpetual inventories are maintained. Instructions What is the cost of the ending inventory and the cost of goods sold for this item under the following methods? (Show calculations.) (a) FIFO. (b) LIFO. (c) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system