Question 5 Opening and closing inventory balances and purchases for the month of May 2020 for Cardinia Hearing Ltd are as follows: Units Per unit Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31 May 7,000 8,000 11,000 15,000 20,000 $4.00 4.10 4.20 4.25 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFO