Concord 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 32 $9 $288 May 15 Purchase 27 10 270 May 18 Sale (47) May 24 24 Purchase 40 40 11 440 Total 52 $998 (a) 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 $