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 @ 130 per unit 12 Purchased 100 units 535 per unit 16 Solid 180 units 24 Purchased 170 units 540 perunt Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first.in, first-out (b) lastin, first out, and to the weighted average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar A First in tout Ending Inventory $ 9.250 Cost of Goods Sold 5 5,550 Lastin, first-out Ending inventory $ 5.200 Cost of Goods Sold 9.600 x Weighted average cost Ending inventory 5.457 Cost of Goods Sold $ 6.343 $ Check