The following data is available for Minnie's Collectibles Limited for the month of May 2020:

Beginning inventory Purchases for the month:

3,000 units @ $10.00 each

May 5: 2,000 units @ $10.50 each

May10: 3,000 units @ $11.00 each

May 25: 3,000 units @ $11.50 each

Minnie's Collectibles sold 5,000 units on May 20 and 3,000 units on May 30,2020. The sale price of each unit was $30. Minnie's uses theperpetualinventory system.

Required:

1. (a)Calculate the cost of goods sold and ending inventory for May 2020 under both
2. FIFO & weighted average cost for Minnie's Collectibles Limited. (round
3. weighted average cost per unit to 2 decimal points)
4. (b)Preparea partial income statement to the point of gross profit assuming
5. Minnie's uses weighted average cost.