The following represents the inventory transactions for Tyler Company for the month of May, 2019. May-01 BALANCE ON HAND PURCHASES 800@ $9.00 May-02 May-08 May-15 May-18 May-25 May-27 May-31 1,000 @ 400 @ 1,200 @ 700 @ 500 @ 600 @ 200 @ 5,400 $9.20 $9.25 $10.00 $10.20 $11.50 $12.00 $12.50 SALES May-05 May-10 May-12 May-20 May-26 May-30 950 @ 600 @ 300 @ 1,500 @ 800 @ 300 @ 4,450 $12.50 $13.60 $14.80 $15.00 $16.00 $18.00 Required: (a) Assuming that periodic inventory records are kept, value inventory at May 31, 2019 using AVCO. (4 marks) (b) Assuming that perpetual inventory records are kept value inventory at May 31, 2019 using FIFO. (9.5 marks) (c) In an inflationary period, explain which inventory method (FIFO or AVCO) will show the higher net income. (1.5 marks)