Blue Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 May 15 May 18 May 24 Unit Cost $8 9 Total Cost $248 216 Explanation Inventory Purchase Sale Purchase Total Units 31 24 (43) 39 51 10 390 $854 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 362.92 Ending Inventory $ S 491.28