Maps 5. The data regarding purchases and sales of a commodity is given in the table below: Description Inventory Sale Date May/01 May/06 May/08 May/16 May/20 May/23 May/30 Purchase Sale Purchase Sale Purchase 25 20 20 10 20 25 15 Unit Cost $40 S50 $41 S55 S42 S55 43 Instructions: a. Determine the cost of the inventory balance at May 31, using the FIFO and LIFO Perpetual b. Determine the cost of the inventory balance at May/31 using the Average Cost periodic method. c. Calculate the cost of Goods Sold using the three methods above. d. Joumalize the entries for sales and cost of goods sold. e Calculate the gross profit under each method, assuming the sale price of each unit sold was $40. Which method would you use if you want to save on taxes at the end of the year Explain