The following information is for the inventory of mini-kettles at Martinez Company Limited for the month of May: Unit Price Total Units In 120 820 Unit Cost $4.20 4.40 $7.40 7.60 $2,220 2,280 450 4.80 Date Transaction May 1 Balance 6 Purchase 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale Totals Units Total Sold $504 3,608 300 300 2,160 220 1,472 450 2,244 220 $9,988 1,490 7.60 1,672 320 4.60 7.80 3,510 510 4.40 7.40 1,628 $11,310 2,220 Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. (Round weighted average unit cost to 2 decimal places, e.g. 52.75 and final answer to O decimal places, e.g. 5,275.) Ending inventory $ Which method will yield the higher current ratio or gross profit? will yield the highest ending inventory gives a higher gross profit