Inventory Costing Methods-Perpetual Method Merritt Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 170 units @ $32 per unit 12 Purchased 16 Sold 24 Purchased 120 units @ $37 per unit 190 units @ 180 units @ $38 per unit 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. A. First-in, First-out: Cost of Goods Sold: $ 6,180 B. Last-in, first-out: Cost of Goods Sold $ 9,510 x C. Weighted-average cost: Cost of Goods Sold $ 6,759 x Check