Inventory Costing Methods Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory May 1 Beginning inventory 150 units 530 per un 12 Purchased 100 units per un 16 Sold 1 unit 24 Purchased 170 units H0 per un 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 methods. Do not round until your final answers, Round your final answers to the nearest dollar A Fiestin. First-out Ending inventory 5 2.970 Cost of Goods Sod $ 5.550 Last-in, first out Ending Inventory $ 2.560 x Cost of Goods Sold 5 5.900 Weighted average cost Ending inventory $ OX Cost of Goods Sold $ OX