ending inventory:

On May 1, Sandhill Co. had 400 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: May 4 14 29 Purchases 1,300 @ $4.10 710 @ $4.50 500 @ $4.70 May 3 16 18 Sales 300 @ $7.00 1,100 @ $7.00 300 @ $7.50 (a) Your answer is partially correct. Try again. Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold 6930 Ending inventory 5455