a On May 1, Crane Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual 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 4 1,300 $4.20 May 3 320 $7.00 14 790 $4.50 16 1,100 $7.00 29 400 $4.82 18 280 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory $ Date Account Titles and Explanation Debit Credit May 3 (To record sales on account.) May 3 (To record cost of goods sold.) May 4 (To record purchase on account.) May 16 (To record sales on account.) May 16 (To record cost of goods sold.) (To record sales on account.) May 16 (To record cost of goods sold.) eTextbook and Media List of Accounts Calculate gross proht for May Gross profit $ eTextbook and Media List of Accounts