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Ayayai Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units Unit Cost Total Cost May

Ayayai Inc. uses a perpetual inventory system. Its records show the following for the month of May.

Date Explanation Units Unit Cost Total Cost
May 1 Inventory 28 $7 $196
May 15 Purchase 27 8 216
May 18 Sale (42 )
May 24 Purchase 38 9 342
Total 93 $754

Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula.

Cost of goods sold $ 308
Ending Inventory

$ 446

Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 3 decimal places, e.g 5.255.)

Cost of goods sold $
Ending Inventory $

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