The following data is available for Minnie's Collectibles Limited
for the month of May 2020: Beginning inventory 3,000 units @ $10.00 each Purchases for the month: May 5 2,000 units @ $10.50 each 10 3,000 units @ $11.00 each 25 3,000 units @ $11.50 each Minnie's Collectibles sold 5,000 units on May 20 and 3,000 units on May 30,2020. The sale price of each unit was $30. Minnie's uses the perpetual inventory system.
Required: (a) Calculate the cost of goods sold and ending inventory for May 2020 under both FIFO & weighted average cost for Minnie's Collectibles Limited. (round weighted average cost per unit to 2 decimal points) (b) Prepare a partial income statement to the point of gross profit assuming Minnie's uses weighted average cost.