apter 6 -71 E Question 5 of 9 View Policies Current Attempt in Progress On May 1, Oriole Company had 440 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: Purchases Sales May 4 1,300 @ $4.10 May 3 270 @ $7.00 14 650 @ $4.30 16 1,200 @ $7.00 29 400 @ $4.60 18 270 $7.50 (a) -/1 Question 5 of 9 29 400 $4.60 18 $7.50 270 (a) Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory ter 6 -11 III Question 5 of 9 (b) Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Credit Debit Date Account Titles and Explanation May 3 (To record sales on account.) May 3 (To record cost of goods sold.) ter 6 -/1 E Question 5 of 9 May 4 (To record purchase on account.) May 16 (To record sales on account.) May 16 (To record cost of goods sold.) -11 II! Question 5 of 9 > (c). Calculate gross profit for May. Gross profit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit