Maxi Company made the following merchandise purchases and sales during the month of May: May 1 Beginning Inventory 30 units at $10 each May 5 Purchased 50 units at $12 each May 18 Purchased 20 units at $15 each May 20 Sold 30 units at $40 each May 23 Purchased 25 units at $20 each units at $45 each May 30 Sold 50 The company uses the periodic system. The selling expense is $300, the administrative expense is $350 and the tax rate is 10%. Required: 1. Determine the amounts for cost of the ending inventory and cost of goods sold if the company uses: A. First-in, first-out (FIFO) method B. Last-in, first-out (LIFO) method C. Average Cost method 2. Prepare the income statement if the company uses LIFO method. 3. Show the effect on the Balance Sheet if the company uses FIFO method. The