The following data regarding purchases and sales of a commodity were taken from the related inventory account: May - 1 Balance 25 units at P 40 INSTRUCTIONS: . Under the perpetual system, determine the cost of merchandise sold 20 units at 65ale P100 (CMS) and the cost of inventory balance at May 31. using: (show details about quantity, unit cost and total cost} 8Purchase 30 units at P 41 a. FIFO b. WEIGHTED AVERAGE 165 | 25 units at a e p105 Under the periodic system. determine the cost of merchandise sold [CMS} and the cost of inventory balance at May 31, using: (show details about quantity, unit cost and total cost} 35 units at a. FIFO b. WEIGHTED AVERAGE P110 20Purchase40 units at P 42 BOSaIe 31 Purchase 20 units at P 43 The following information are presented for May: Merchandise inventory, May 1 P 1,500,000; Purchases in May (net) P 700,000 Sales 900,000; Estimated gross prot rate 40%. Estimate the cost of the merchandise inventory as of May 31