How do you solve this? Explain it step by step please.

4. Beginning inventory, purchases, and sales for an inventory item are as follows: at $10 May 1 Beginning inventory 5 Sale 17 Purchase 31 Sale 45 units 16 units 24 units 12 units at $12 Assuming a perpetual inventory system and the first-in, first-out method (FIFO), determine the following: (a) the cost of the merchandise sold for the May 31 sale: (b) the inventory on May 31