KPU Dashboard Go to Help - Search Qu 8 A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Purchases Sales Units Unit Cost Units May 1 Beginning inventory 85 Unit Price $70 4 Purchase 140 $75 Sale 100 $130 11 Purchase 90 $80 21 Sale 120 $130 9 10 21 2 Finish Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar (51), b) Prepare the journal entries to record sales transactions on May 9 and 21, All sales were on account Time 15 E y Costin...docx On BI . ype here to search hp