Cost Formulas (10 marks) The following inventory transactions took place for Pharoah Corporation for the month of May Dete Transaction Quentity Sort/Selling Price May 1 Beginning inventory 4,000 53.10 May 5 Purchase 3,000 53.30 May 10 Purchase 3,000 53.40 May 15 Sale 5,000 55.60 May 20 Sale 3,000 $5.60 May 22 Purchase 3,500 $3.60 May 24 Purchase 2,500 $3.60 May 25 Sale 5,000 $5.60 Instructions: Assuming that Pharoah uses a perpetual Inventory matem and the moving-everge.cost formule a) Calculate the ending Inventory balance (5 marks) (b) Calculate the cost of goods sold (5 marks)