Blue Inc. uses a perpetual Inventory system. Its records show the following for the month of May. Unit Cost $10 11 Total Cost $310 264 Date Explanation May 1 Inventory May 15 Purchase May 18 Sale May 24 Purchase Total Units 31 24 (47) 39 94 12 468 $1.042 (a) Your answer is correct Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. $ 486 Cost of goods sold Ending Inventory $ 556 eTextbook and Media Attempts: 1 of 15 used (b) 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, eg. 15235 in your calculations and round final answers to 3 decimal places, eg 5.255.) Cost of goods sold $ Ending Inventory $ eTextbook and Media Save for Later Attempts of 15 used Submit