education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=cf4fc20b-46d3-44be-985d-37920a1d7e8f#/question/2 r 6.2 - Exercises - / 100 Question 3 of 4 L 7 On May 1, Cullumber Company had 460 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,300 @ $4.20 May 3 320 @ $7.00 14 610 $4.30 16 1,100 @ $7.00 29 600 @ $4.71 18 340 @ $7.50 (a) Calculate the cost of goods sold and ending inventory using FIFO. Cost of goods sold Ending inventory S FIFO