Problem 2 The following data regarding purchases and sales of golf balls were taken from the related perpetual inventory account for Bride of Chuckie Golf Shop: Units 240 150 Date May 1 May 3 May 9 May 12 May 16 May 22 May 25 Transaction Beginning Balance Sale Purchase Sale Purchase Sale Purchase 175 180 220 280 Cost/Price 12.00 28.00 13.00 28.00 14.00 28.00 15.00 250 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