Question 3 A company made the following merchandise purchases and sales during the month of May with the assumption that there was no beginning inventory: Date Activities Units Sold at Retail Units Acquired at Cost Purchased 300 units at RM15/unit 1 May 3 May 8 May Purchased 270 units at RM20/unit Sold 500 units at RM55/unit 300 units at RM24/unit 250 units at RM55/unit 12 May Purchased 14 May Sold 23 May Purchases 25 May Purchases 31 May Sales 250 units at RM30/unit 800 units at RM25/unit 900 units at RM55/unit 4 ...4/- Required: a. Compute the value of the inventory as at 31 May 2021 by using the first-in, first out (FIFO) method. (13 marks) b. State the value of purchases, cost of goods sold and sales. (2 marks)