Question 3. Gray Company reports the following information regarding merchandise inventory for May Assume Gray uses the periodic system and that 250 units of merchandise were on Page 4 ACCT 201 Case Spring 2021 Company Date May 1 May 10 May 16 Explanation Inventory Purchase Units 100 300 400 200 Unit Cost $50 60 70 80 Total Cost $ 5,000 18,000 28,000 16,000 Purchase May 24 Purchase c a What is the cost of goods available for sale for May? b How many units of inventory were available for sale during May? What is the cost of ending inventory under FIFO? d How much is cost of goods sold under LIFO? ? e If Gray Company has sales of $80,000 in May and uses the weighted average method, how much is the gross profit for May Show your calculations in the space below