Bridgeport 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 29 $10 $290 May 15 Purchase 26 11 286 May 18 Sale (42) May 24 Purchase 40 12 480 Total 53 $1,056 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending Inventory $