Delta Company uses a perpetual inventory system and accounts for its inventory using the FIFO method. During May, the company made the following purchases and sales:

Beginning inventory: $100$ units @ $$10/$ unit

May $2$: Purchased $200$ units @ $$12/$ unit

May $12$: S$$ld $150$ units @ $$25/$unit

May $17$: Purchased $100$ units @ $$15/$ unit

May $29$: Sold $100$ units @ $$27\mathrm{.}50/$ unit

In addition to the journal entries to record the sales revenue on May $12$ and May $29,$ what entries will Delta make to record cost of goods sold and adjust the inventory account?

May $12$: Debit Cost of Goods Sold $$1,500,$ Credit Inventory $$1,500.$

May $29$: Debit Cost of Goods Sold $$1,200,$ Credit Inventory $$1,200.$

May $12$: Debit Cost of Goods Sold $$1,500,$ Credit Inventory $$1,500.$

May $29$: Debit Cost of Goods Sold $$1,500,$ Credit Inventory $$1,500.$

May $12$: Debit Cost of Goods Sold $$1,600,$ Credit Inventory $$1,600.$

May $29$: Debit Cost of Goods Sold $$1,350,$ Credit Inventory $$1,350.$