Problem 2 2 UU The following data regarding purchases and sales of golf balls were taken from the related perpetual inventory account for Bride of Chuckie Golf Shop: Date May 1 May 3 May 9 May 12 May 16 May 22 May 25 Transaction Beginning Balance Sale Purchase Sale Purchase Sale Purchase Units 240 150 175 180 220 280 250 Cost Price 12.00 28.00 13.00 28.00 - 14.00 28.00 15.00 a Determine the cost of the inventory balance at May 31, using (1) the first-in, first-out method, (2) the last-in, first-out method, and (3) the average cost method. Identify the quantity, unit price and total cost of each lot in the inventory b Prepare a schedule of Sales, Cost of Goods Sold and Gross profit for all three methods used in (a) above