Inside Track, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Denver, Colorado, location follow: (Click the icon to view the purchases and sales.) Read the requirements. Totals 14 Requirement 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted-average inventory costing method. Enter une transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 2 6 1. Determine the amount that would be reported in ending merchandise inventory on May 15 using the FIFO inventory costing method. 8 13 14 2. Determine the amount that would be reported in ending merchandise inventory on May 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, $X.XX.) Totals Print Done - Submit