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500 800 QUESTION THREE: (Suggested time : 25 mins) (20 points) The Delta company uses a periodic inventory system. The beginning balance of inventory and the purchases made by Delta during the month of July are given below: Date Description Units Unit cost Total cost July 01 Beginning inventory $20 $10,000 July 18 Inventory purchased 524 $19,200 July 25 Inventory purchased 700 $26 $18,200 Total 2,000 547,400 A physical count of units on July 31 revealed that 600 units were on hand. Required: 1). Assume that the company uses the average cost method. What is the dollar value of the ending inventory on May 31 2) Assume that the company uses the LIFO inventory method. What is the dollar value of the cost of goods sold during July? 3) Assume that the company uses the FIFO inventory method. What is the dollar value of the ending inventory on July 31 is: age of