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 Acquired at Units Sold at Retail Cost 1 May Purchased 300 units at RM15/unit Purchased 270 units at RM20/unit 8 May Sold 500 units at RM55/unit 12 May Purchased 300 units at RM24/unit 14 May Sold 250 units at RM55/unit 23 May Purchases 250 units at RM30/unit 25 May Purchases 800 units at RM25/unit 31 May Sales 900 units at RM55/unit 3 May 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)