Culver Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Unit Cost $10 11 Total Cost $330 275 1 May May May May 15 18 24 Explanation Units Inventory 33 Purchase 25 Sale (47) Purchase 42 Total 100 12 504 $1,109 (a) X Your answer is incorrect Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula Cost of goods sold S 462 Ending Inventory $ 647 Question 2 of 10 M 7.5/15 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 3 decimal places, eg 5.255.) Cost of goods sold Ending Inventory $ e Textbook and Media Save for Later Attempts: 0 of 15 used Submit