accounts receivable and Cr to be $2,000 O Dr. to cash and Cr, to sales $4,000 QUESTION 2 A company had the following purchases during its first year of operations January March May Purchases 30 units at $40 35 units at $20 Sales 42 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). Click Save and Submit to save and submit. Click Save All Answers to save all answers