Flounder Inc uses a perpetual inventory system is records show the following for the month of May. Explanation Units Unit Cost Total Cost May 1 Inventory 29 57 5203 Way 15 Purchase 24 9 192 My 18 Se 141 ME 24 Purchase 41 369 Total 94 $ 754 (a) Your answer is correct Calculate the cost of goods sold for May and the endingen at May 31 using the FIFO formula Cost of goods sold 5 299.00 Ending Inventory s 465.00 e Textbook and Media Attem of 15 Calculate the cost of goods sold for May and the ending intory at May 31 using the average cost for decimal placeres 15.235 in your calculations and round hinalar to 3 decimal places 5.255 Cost of goods sold 5 Engingin Date Explanation Units Unit Cost Total Cost May 1 Inventory 29 510 5290 May 15 Purchase 24 11 264 May 24 Purchase 43 12 516 Total 96 51,070 (a) Your answer is correct Calculate the cost of goods sold and the endinginventory at May 31 using the FIFO formula Cost of goods sold in 938 Encing inventory $ 122 eTextbook and Media Attempt 1 of 15 use Calculate the cost of goods sold and the ending inventory at May 31 using the average cost formula Round average cost to 3 decimal places, 5.252 and round final answer to 2 decimal places 3525 Cost of goods sold 5 Endinginventory $ ecember 31 Units Cost/Unit Net Realizable Value Tables Large 23 5271 $ 260 Small 16 137 155 Chairs Plastic 42 45 34 Wooden 39 20 29 Ca) Your answer is correct What amount should be reported on Bramble Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large 5990.00 Small 2192.00 Chairs Plastic 1848.00 Wooden 720.00 Total 10000.00 Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Bramble Furniture Shop uses a perpetual inventory system (List all debit entries before credentries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 31