Ending Inventory $ 432 e Textbook and Media Attempts: 1 of 3 used (b) X Your answer is incorrect. 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 2 decimal places, e.g 5.25.) Cost of goods sold $ 305.70 Ending Inventory $ 458.44 e Textbook and Media Swifty Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Cost Total Cost Date Explanation Units May 1 Inventory 29 $8 $232 May 15 Purchase 24 9 216 May 18 Sale (45) May 24 Purchase 36 10 360 Total 89 $808 (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 $ 376