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Part One (6 marks) The following inventory transactions took place for Blossom Corporation for the month of May: Date Event May 1 beginning Inventory May 5 purchase May 10 purchase May 15 sale May 20 sale May 22 purchase May 24 purchase May 25 sale Required: Quantity 2,090 5,210 3,980 5,800 2,020 3,960 2,020 6,030 Cost/ Selling Price $3.00 3.20 3.30 5.90 5.90 3.50 3.50 5.90 Calculate the ending inventory balance for Blossom Corporation under the following assumptions. (and Round average unit costs to 2 decimal places, e.g. $2.75 and final answer to 0 decimal places, e.g. $5,275) Question 2 (3 points) Calculate ending inventory and cost of goods sold, assuming Blossom uses a perpetual inventory system and a FIFO cost formula. Question 3 (3 points) Calculate ending inventory and cost of goods sold, assuming BSC uses a periodic inventory system and a weighted average cost formula