The following Information regarding inventory transactions is available for the moth of May.
Date Type of Event Number of Units Unit Cost Total Cost
May 1 Beginning Inventory 100 $12 $1,200
May 3 Purchase 50 $14 $700
May 12 Sale 70
May 15 Sale 60
May 20 Purchase 100 $15 $1,500
May 28 Sale 60
Determine the correct balances at May 31 for Merchandise Inventory and Cost of Gods Sold under each of the following inventory methods: (a) Periodic FIFO, (b) periodic LIFO, and (c) weighted-average.