1, calculate the cost of goods sold and ending inventory using FIFO

2, prepare journal entries to record the May 4 purchase and the May 3 and 16 sales.

3. calculate gross profit for May.

Current Attempt in Progress On May 1. Carla Vista Cohad 420 units of inventory on hand, a cost of $400 each. The company uses a perpetuo 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 Sales Purchases May 1.400 94 670 5400 Maya 300 $7.00 $4,30 16 $7.00 1100 420 29 $478 10 $7.50 Calculate the cost of goods sold and ending inventory using Firo Cont of $ Endery $ Text Media List of Accounts