A record of transactions for the month of May is as follows: Purchases Sales May 1 (balance) 400 @ $4.00 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @ $4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 29 22 1,200 @ $4.50 25 1,400 @ 8.00 500 @ $5.00 The company uses the perpetual inventory system and FIFO cost formula. Based on the above information, the ending inventory for the month is $4,300. Select one: O True False