Inventory Costing Methods-Perpetual Method Merritt Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory: Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. For weighted-average cost, do not round the weighted-average unit cost