11 A company had the following purchases during its first year of operations: January March Purchases 10 units at $40 Sales 25 units at $20 May 12 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). K