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 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 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 methods. Do not round until your final answers. Round your final answers to the nearest dollar. A First-in, First-out Ending Inventory Cost of Goods Sold: 8. Last-in, first-out: Ending Inventory Cost of Goods Sold: C Weighted average cost Ending Inventory Cost of Goods Sold Check