Ayayai Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory32 $9 $288 May 15 Purchase 2310 230 May 18 Sale May 24 Purchase 36 11 (47) 396 Total $914 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending Inventory 5