tors estion Best Brew uses a perpetual inventory system to keep track of its famous but expensive "Blue Pacific Tea". It prices inventory using the FIFO (First in, First out) method There were 20 packets of "Blue Pacific Tea" in stock at the beginning of May 2021 with a cost of $50 each During May 2021, the following transactions occurred: May 3-purchased 30 packets at $60 each. May 8 - sold 35 packets for $100 each May 19 - purchased 50 packets at $70 each May 28 - sold 10 packets for $120 each Required: 1. Compute the cost of the ending inventory on May 31, 2021. [4 marks] 2 Compute the cost of goods sold for May 2021. [3 marks] 3 During inflation, would FIFO or weighted average result in a higher net income? Why? [1 mark] NOTE: You can use the table in the response area to help with your calculations for 1 and 2