Flounder Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May (a) 1 15 18 24 Transaction Inventory Purchase Sale Purchase Total Cost of goods sold $ Ending Inventory Units $ 29 24 (41) 41 53 Unit Cost $7 8 9 Total Cost $203 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. 192 369

Flounder Inc uses a perpetual inventory system. Its records show the following for the month of May. (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending inventory