h. Principle that states significant items must conform to GAAP Comparing inventory methods art, a regional convenience store chain, maintains milk inventory by the gallon. Learning Objective 2 Superonth's milk purchases and sales at its Freeport, Florida, location follow: 1. Ending Merch. Inv $16.30 Nov. 2 Purchased 11 gallons $2.15 each 6 Purchased 2 gallons @ $2.80 each 8 Sold 6 gallons of milk to a customer 13 Purchased 3 gallons @ $2.85 each 14 Sold 4 gallons of milk to a customer the the Requirements 1. Dete rmine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. on November 15 using the LIFO inventory costing method. on November 15 using the weighted-average inventory costing method. Round all the 2. Determine the amount that would be reported in ending merchandise inventory 3. Determine the amount that would be reported in ending merchandise inventory amounts to the nearess cent