Zachery,Inc., reported sales of $1,200 in May and a gross profit of $370. The company had a May 1 inventory of 60 units that had a total cost of $300. May purchases and sales were as follows: Purchases Sales May 7 40 units @ $6 May 2 20 units 10 20 units @ $7 8 40 units 18 40 units @ $8 12 10 units 24 20 units @ $9 20 20 units 28 20 units @ $10 26 30 units Which of the following inventory methods is Zachery using? Answer LIFO perpetual FIFO perpetual weighted average LIFO periodic