The following information is for the inventory of mini-kettles at Martinez Company Limited for the month of May:

1. Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $________
2. Assuming that the periodic inventory method is used, calculate the inventory cost at May 31 under weighted average. Ending inventory $________
3. Which method will yield the higher current ratio or gross profit? (FIFO or Weighted Average) 1. _______ will yield the highest ending inventory. 2. _________ gives a higher gross profit.

Units Unit Date In Units Sold Transaction Cost Unit Price Total Total 120 820 $4.20 4.40 $504 3,608 $7.40 300 300 $2,220 2,280 7.60 450 4.80 2,160 May 1 Balance 6 Purchase 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale Totals 220 7.60 1,672 320 4.60 1,472 450 7.80 3,510 510 4.40 2,244 7.40 2,220 220 1,490 1,628 $11,310 $9,988