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Part 2. Now, assume that Learning Tree, Inc., uses the Perpetual inventory system. (8 points) d. If the LIFO method is used, what is the amount assigned to the ending inventory on May 30? e. If the FIFO method is used, what is the amount assigned to the ending inventory on May 30? Part 3. Assume that Learning Tree, Inc., uses LIFO Perpetual, prepare the journal entries that it would have recorded on May 24th_(5 points) Problem 1. Various Inventory Valuation Methods (total 23 points) The following data is available for one of the products sold by Learning Tree, Inc., which uses the perpetual inventory system: May 1 On hand, 1,000 units at $2.00 each $2,000 5 Purchased 2,000 units at $2.75 each $5,500 10 Sold 2,500 units at $16 each 18 Purchased 2,000 units at $4.00 each $8,000 24 Sold 1,500 units at $12 each 31 On hand, 1,000 units Part 1. First assume that Learning Tree, Inc., uses the Periodic inventory system. (10 points) .. If the weighted average method is used, what is the amount assigned to the ending inventory on May 30? c. If the FIFO method is used, what is the amount assigned to the ending inventory on May 30? Part 2. Now, assume that Learning Tree, Inc., uses the Perpetual inventory system. (8 points) d. If the LIFO method is used, what is the amount assigned to the ending inventory on May 30? c. If the FIFO method is used, what is the amount assigned to the ending inventory on May 30? Part 3. Assume that Learning Tree, Inc., uses LIFO Perpetual, prepare the journal entries that it would have recorded on May 24th_(5 points)

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