Exercise 6-4 On May 1, Black Bear Company had 410 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 3 270 $7.00 14 790 $4.50 16 1,000 @ 7.00 29 425 $4.64 18 440 7.50 x Your answer is incorrect. Calculate the cost of goods sold and ending inventory using FIFO (Round answers to 0 decimal places, e.g. 5,275.) FIFO Cost of goods sold Ending inventory Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles automatically indented when the amount is entered. Do not indent manually. If no entry is require Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit May 3 (To record credit sale) May 3 (To record cost of goods) May 4 MANI May 16 (To record credit sale) x May 16 X To record cost of goods) x Your answer is incorrect. Calculate gross profit for May. Gross profit Student did not submit Show Work for this attempt