Carlton Company (Carlton), an import and export company, applies the perpetual inventory system and the first-in-first-out method for its inventory transactions. The credit terms of [2/10, n/30] are offered to its customers. Carlton made the following merchandising transactions in May 20X0:

1 May Purchased 150 cameras from Taylor Company for $180,000; invoice dated 1 May.

2 May Purchased 220 cameras from Lantern Company for $242,000.

3 May Received a $7,200 credit memorandum from Taylor Company for the return of six of the items purchased on May 1.

5 May Sold 300 cameras to Bumble Limited for $450,000.

6 May Paid Lantern Company the balance due.

8 May Sold 50 cameras to Nat Company for $85,000.

11 May Paid Taylor Company the balance due.

13 May Received the balance due from Bumble Limited within the discount period.

14 May Issued a $3,400 credit memorandum to Nat Company for an allowance for defective cameras.

17 May Received the balance due from Nat Company within the discount period.

Required:

(a) Calculate the cost of goods sold of Carlton for May 20X0, assuming no inventory is noted in the beginning of May 20X0.

(b) Calculate the gross profit of Carlton according to the information provided.

(c) Re-calculate parts (a) and (b) if Carlton applies the weighted average method for its inventory transactions, and Bumble Limited settled the amount on 31 May 20X0.