Inventory Costing Methods Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: 1-May Beginning inventory 150 units @ $30 per unit. 12 Purchased 100 units @ $35 per unit. 16 Sold 180 units @ 24 Purchased 160 units @ $36 per unit. Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory $ $ a. FIFO b. LIFO $ c. Weighted average $ $