Question 4 (25 marks) Sammy's Sportswear sells sport jerseys. It has a May 31, 2018 year end. On February 28, 2018, Sammy's Sportswear had in inventory of 40 jerseys that each cost $ 20. During the next 3 months, Sammy's Sportswear purchased the following merchandise: Units 50 March April Unit Cost $ 30 $ 40 Total $ 1,500 $ 4,000 $ 7,500 100 May $ 50 During March, April, and May, Sammy's Sportswear sold the following merchandise: Units March April May Unit Selling Price $ 60 $70 $ 90 40 Total $3,600 $ 2,800 $ 8,100 Operating expenses for March, April, and May totalled $ 3,500. Sammy's Sportswear used a perpetual inventory system. Assume that monthly purchases occurred on the first day of each month. Required: A. Calculate Sammy's Sportswear's ending inventory at May 31, 2018 using the moving- weighted average costing method and the FIFO costing method. B. Prepare Sammy's Sportswear's May 31, 2018 income statement for both the moving- weighted average costing method and the FIFO costing method. Record the gross margin and operating income