Question 6 20 pts A record of transactions for the month of May was as follows: Purchases Sales Units @ Units Beginning Balance 500 $ 5.00 May 3 300 May 7 1250 $ 5.10 10 1000 18 600 $ 5.25 22 800 25 750 $ 5.50 28 400 The company uses the perpetual inventory system and FIFO cost flow assumption for internal reporting. The company uses LIFO cost flow assumption for external and tax reporting. Instructions: (1.) Determine ending inventory using FIFO (2.) Determine ending inventory using LIFO (3.) Prepare the AJE needed assuming the beginning balance in LIFO Reserve is $800 (credit balance)