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		32			$9		$288
May		15		Purchase		23			10		230
May		18		Sale		(47	)
May		24		Purchase		36			11		396
				Total		91					$914

(a)

Correct answer icon

Your answer is correct.

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		$

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(b)

Incorrect answer icon

Your answer is incorrect.

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		$