Question 3 (2 marks): A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 @ $4.20 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @$4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 1,200 @ $4.50 25 1,400 @ 8.00 29 500 @ $4.55 (a) Assuming that perpetual inventory records are kept, determine the ending inventory using LIFO. (b) Using Periodic inventory, repeat Part a