Question 5 Partially correct Mark 0.57 out of 2.00 P Flag question Inventory Costing Methods-Perpetual Method Mary Company uses the perpetual inventory system. The following May data are for an item in Merritt's Inventory: May 1 Beginning inventory 150 units $30 per unit 12 Purchased 100 units 535 per unit 16 Sold 180 units. 24 Purchased 170 units @ $40 per unit Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out. (b) last.in, first-out, and (c) the weighted average cost methods. Round your A. First-in, First-out: Cost of Goods Sold: $ 5,550 B. Last-in, first-out Cost of Goods Sold $ 7,150 X C Weighted average cost: Cost of Goods Sold $ 6,343 x Try another question like this one Previous Save Answers