Question 4 1 pts Target employs a periodic inventory system and sells its inventory to customers for $24 per unit. Target had the following inventory information available for the month of May: May 1 Beginning inventory 1,400 units @ $8.40 cost per unit May 3 Purchased 2.200 units @ $8.10 cost per unit May 8. Sold 1,900 units May 13 Purchased 3,300 units @ $7.30 cost per unit May 18 Sold 2,800 units May 24. Sold 1,500 units May 30 Purchased 2,100 units @ $6.60 cost per unit During May, Target reported operating expenses of $14,800 and had an income tax rate of 30%. Calculate the amount of net income reported on Target Company's income statement for May using the inventory cost flow assumption that will show the highest inventory balance for May. Note: Target notices that the economy is experiencing DEFLATION as represented in Target's declining cost per unit