IN 6th 9th Exercise 1 - FIFO Perpetual See Page 292 for guidance, Lighting Designs by Laura has the following list of beginning inventory, purchases, and sales for the month of May: Beginning Inventory 500 light bulbs at $0.75 Purchase 300 light bulbs at $0.60 Sale 650 light bulbs at $2.25 12th Purchase 200 light bulbs at $0.50 16 Sale 275 light bulbs at $2.50 22 Purchase 200 light bulbs at $0.70 30th Sale 125 light bulbs at $2.00 Determine the cost of merchandise sold for each sale (94, 164, and 30%). Calculate the cost of ending inventory using the first-in, first-out method under a perpetual inventory system