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Problem 3 A company made the following merchandise purchases and sales during the month of May May 1 beg. Inventory 330 units @ $22 each May 5 purchased 250 units @ $25 each May 10 sold 350 units at a sales price of $70 each May 20 purchased 250 units @ $28 each May 25 sold 300 units at a sales price of $70 each Required (22 points) The company accounts for its inventory on a perpetual basis. First, compute cost of goods available for sale. units @ $_ Second, fill in the blanks below. You do not need to do the math unless it helps you or you are going for the extra credit. I recommend you don't try the extra credit until you have finished the last problem. FIFO LIFO Cost of goods sold for May 10 Cost of goods sold for May 10 units @ $ units @ $. units @ $_ units @ $. Cost of goods for May 25 Cost of goods for May 25 units @ $. units @ $. units @ $. units @ $ Ending inventory Ending inventory units @ $ units @ $ which ones do you ci & whe Compute gross profit under both FIFO and LIFO for up to 4 points extra credit