Part B (5 marks) Abacus Ltd buys and sells sport shoes. The information relating to the purchases and the inventories for Abacus Ltd for the month of May 2019 is given as follows: Date 1-May 8-May 20-May 31-May Detail Inventory Purchase Purchase Inventory Units 2,500 4,100 2,800 2,200 Cost per unit $60 $62 $65 Required: Ignore GST. Determine the cost of ending inventory and cost of sales for the month of May based on the periodic inventory system, under the following cost flow assumptions: a) LIFO b) Average cost Answers