View Policies Current Attempt in Progress On May 1, Crane Company had 410 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 $4.20 May 3 270 @ $7.00 14. 790 @ $4.50 16 14 1,000 @ $7.00 29 400 $4.64 18 440 $7.50 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory 77100 5411 MacBook Pro Date Account Titles and Explanation Debit May 3 Sales May 3 Merchandise Inventory (To record sales on account.) May 4 (To record cost of goods sold.) May 16 2 (To record purchase on account.) #3 80 D $ 55 4 " W F R MacBook Pro Credit 1890 1890 % & 5 6 28 7 8 9 O > 0 P May 4 (To record cost of goods sold.) May 16 (To record purchase on account.) (To record sales on account.) May 16 (To record cost of goods sold.) 741 H BD R $ 2 MacBook Pro 711 % ^ & \ 5 6 7 8 9 -/14 !!! 9 331