QUESTION 7 Chapter 7 Inventory (12 pt) The inventory records of Smarter Co. provide the following information for the month of May Date Transaction Number of Units Unit Cost 5/1 Beginning inventory H00 ss $_3 Purchase No. 1 1000 ss 8/11 Purchase No. 2 1.000 $7 5/19 Purchase No 3 1.000 157 5/29 Purchase No. 4 59 5/31 Ending inventory Smarter Co. sold 2,600 units in May. Required: Determine the amount of the ending Inventory and cost of goods sold under Average cost, FIFO, and LIFO asuming the periodic inventory system For the char ALT FOPOSALTM B TV Paragraph Open Sans 10pt 15 BAL IXO O Q5 F3 1,200