Current Attempt in Progress On May 1, Oriole Company had 420 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,300 14 @ $4.10 May 3 250 @ $7.00 700 @ $4.30 16 1,100 @ $7.00 29 400 $4.60 18 370 @ $7.50 (a) Calculate the cost of goods sold and ending inventory using FIFO. Cost of goods sold Ending inventory FIFO