Marigold-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products:

Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost.

Purchases Sales Date Units Unit Cost Units Unit Price May 1 120 $101 $252 8 100 110 301 326