Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4) Name Brand TV Sales and Service began the month of May with two television sets in inventory, Model \# TV5684; each unit cost \$125. During May, five additional television sets of the same model were purchased.

May 10 Purchased two units at \(\$ 127\) each May 13 Sold two units at \(\$ 225\) each May 16 Purchased one unit at \(\$ 130\)

May 18 Sold one unit at \(\$ 225\)

May 23 Sold two units at \(\$ 225\) each May 24 Purchased two units at \(\$ 135\) each Assume Name Brand uses a periodic inventory system and the FIFO cost flow method.

a. Calculate the cost of goods sold that will appear on Name Brand's income statement for the month of May.

b. Determine the cost of inventory that will appear on Name Brand's balance sheet at the end of May.