Culver 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 33 $10 $330 May 15 Purchase 25 275 18 (47) May 24 Purchase 12 504 Total 53 $1,109 11 May Sale 42 (a) Your answer is correct Calculate the cost of goods sold for May and the endinginventory at May 31 using the FIFO formula 484 Cost of goods sold Ending Inventory 625 $ Textbook and Media Atlas 2012 used Culver Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May 1 15 18 24 Explanation Inventory Purchase Sale Purchase Total Units 33 25 (47) 42 53 Unit Cost $10 11 Total Cost $330 275 12 504 $1,109 (a) Your answer is correct Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula Cost of goods sold 484 Ending Inventory 025