b) Prepare journal entries to record the may 4 purchase and the May 3 and may 16 sales

Question 11 On May 1, Sunland Company had 430 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 Inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,400 $4.10 May 3 260 $7.00 14 670 $4.50 16 1,200 $7.00 29 500 $4.75 370 $7.50 Your answer is correct Calculate the cost of goods sold and ending inventory FIFO Cost of goods sold 7460 Ending inventory