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 310 units @ $30 per unit 12 Purchased 260 units @ $35 per unit 16 Sold 340 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 methods. Do not round until your final answers. Round your final answers to the nearest dollar.