The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 eachMay 11 purchase 6 units @ $ 76 eachMay 23 sale 16 units @ $ 89 eachMay 26 purchase 14 units @ $ 86 eachMay 29 sale 17 units @ $ 89 eachRequirements1. Calculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO.2. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why?3. Which method would be more consistent with the matching principle? Why?

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