1. Sea Company had the following inventory purchases and sales during the month of May. The company uses the perpetual inventory method. Units Date 5/1/2009 5/5/2009 5/15/2009 5/20/2009 5/30/2009 Purchases Unit Price Total 100 $4 $400 200 $5 $1,000 $6 $600 $7 $1,050 $8 $1,280 100 150 160 Date 5/10/2009 5/18/2009 5/29/2009 Sales Units Unit Price 120 $10 275 $11 155 $11 Total $1,200 I $3,025 $1,705 What is cost of goods sold on 18th of May under LIFO? * DS (3 Points) $1,400 some other amount $1,361 $1,380