Best Bakery uses a perpetual inventory system to keep track of its famous muffins. It uses the FIFO (First in, First out) method to account for its inventory. . The following information for May 2021 is available: May 1 - 20 boxes were in stock with a cost of $50 each May 3 - purchased 30 boxes at $60 each. May 8 - sold 35 boxes May 19 - purchased 10 boxes at $70 each. Required: 1. Compute the cost of the ending inventory on May 31, 2021. [5 marks] 2 Compute the cost of goods sold for May 2021. [3 marks] NOTE: You can use the table in the response area to help with your calculations for 1 and 2. A- 4 !!! E **** HOUR 2 A B I Tii III o 22 1. Cost of Ending Inventory Date # of units unit cost unit cost Purchase or sale # of units remaining May 1 Balance 20 $50 1800 20 30 3 50 60 60 20 15 50 60 8 700 15 15 10 60 70 19 2. Cost of Goods Sold cost of goods sold =$1900