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 $10 $310 May 15 Purchase May 18 Sale 24 24 11 264 (47) May 24 Purchase 39 122 Total 94 44 12 468 $1,042 (a) * Your answer is incorrect. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 517 Ending Inventory: 545