Blue 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 Inventory 31 31 $10 $310 May 15 Purchase May 18 Sale 275 24 11 264 (47) May 24 Purchase 39 12 22 Total 94 468 $1,042 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 $ 486 Ending Inventory $ 556 (b) X 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 2 decimal places, eg 5.25.) Cost of goods sold $ 521.59 Ending Inventory $ 556.08