2 A company had the following purchases during its first year of operations: Purchases Sales January March May 10 units at $40 25 units at $20 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). BIUS Paragraph V Arial v 10pt > > 111 > L