Question: Why is COGS incorrect Current Attempt in Progress Swifty Inc. uses a perpetual inventory system. Its records show the following for the month of May,

Current Attempt in Progress Swifty Inc. uses a perpetual inventory system. Its records show the following for the month of May, Date Unit Cost Explanation Units Total Cost May 1 Inventory 29 $8 $232 May 15 Purchase 24 9 216 May 18 Sale (45) May 24 Purchase 36 10 360 Total 44 $803 (a) Your answer is correct Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula s 376 Cost of goods sold $ 232 Ending Inventory elextbook and Media Attempts: 1 of 2 used (b) - Your answer is partially correct Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula, (For average, use 3 decimal places, es 15.235 in your calculations and round final answers to 2 decimal places, s 5.25) 308.39 Cost of goods sold Ending Inventory $ 427.63 e Textbook and Media Attemptst 1 of 2 used Subinit Answer Save for Lator
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