A company uses a perpetual inventory system and reports purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail May 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 May 7 Sales 105 units @ $ 16.00 May 11 Purchase 70 units @ 6.00 = 420 May 18 Sales 85 units @ $ 16.00 May 31 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units