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 hand on May 31. Date Explanation Units Unit Cost Total Cost May 1 Inventory 100 $50 $ 5,000 May 10 Purchase 300 60 18,000 May 16 Purchase 400 70 28,000 May 24 Purchase 200 80 16,000 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