Using FIFO, LIFO and the following information, determine the cost of the May 31 inventory each of the above inventory costing methods: 3 under May 1 Beginning inventory 500 yards@s5.00 per yard 10 Purchased 250 yards@s5.25 per yard 20 Issued 350 yards into production 30 Issued 250 yards into production a. FIFO b. LIFO