Question 5 3.5 pts Towing Company employs a periodic inventory system and sells its inventory to customers for $34 per unit. Towing Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,28e units $17 cost per unit May 8 Sold 1,70e units May 13 Purchased 1,80e units $13 cost per unit May 18 Sold 1,60e units May 21 Purchased 1,30e units $23 cost per unit May 22 Purchased 1,10e units $15 cost per unit May 28 Sold 1,300 units May 30 Purchased 1,600 units $1e cost per unit During May, Towing Company reported operating expenses of $49,00 and had an income tax rate of 32% Calculate the amount of net income reported on Towing Company's income statement for May using the FIFO method