Concord Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 May 15 May 18 24 Unit Cost $9 10 Units 32 27 (47) 40 Total Cost $288 270 Explanation Inventory Purchase Sale Purchase Total May 11 440 99 $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 $ Blue Hardware Limited reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2022 $29,600 172.300 201,900 40,000 $161,900 2021 $19,200 179,600 198,800 29,600 $169,200 Blue made two errors: 1. 2021 ending inventory was overstated by $5.900. 2. 2022 ending inventory was understated by $3,100. Calculate the correct cost of goods sold for each year. 2022 2021 $ $ Cost of goods sold