md5 Ular Diem Corp. had the following transactions for May 2021; Cost or Selling Total Price per unit Cost Units 50 Opening inventory Purchase #1 $ 15.00 $ 750.00 210 $ 16.00 $3,360.00 Sale 200 $ 30,00 Purchase #2 40 $ 16,50 $ 660.00 Sale 55 $31.00 Required: (Round all calculations to 2 decimal places) a) Using the FIFO method, determine the value of ending inventory and cost of goods sold for May 2021. (3 marks) b) Calculate the gross profit amount for May 2021 for Diem Corp. assuming the company uses the FIFO method of inventory valuation. (1 mark) c) Using the perpetual weighted average method, determine the value of ending inventory and costs of goods sold for May 2021. (8 marks) d) Calculate the inventory turnover ratio using the FIFO information in part (a). (2 marks) e) If the industry standard for inventory turnover is 7.5 times per year, is Diem s ratio good or bad? Explain