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 @ 575 per unit. 12 Purchased 100 units @ 588 per unit. 16 Sold 180 units 24 Purchased 150 units @ 590 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 13.8905 20,560 b. LIFO 5 6,000 X 5 19320 x C Weighted average 5 Ox $ 19,320 x Check