Current Attempt in Progress Ayayai Appliance Mart Ltd. opened for business on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax. (Round average cost answers to 2 declmal ploces, eg. 5,275.75.)