View Policies Current Attempt in Progress Blue Inc. uses a perpetual inventory system. Its records show the following for the month of May. Units 31 24 Unit Cost $10 11 Total Cost $310 264 Date Explanation May 1 Inventory May 15 Purchase May 18 Sale May 24 Purchase Total 39 12 468 $1.042 94 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. $ Cost of goods sold Ending Inventory $