Monty Inc. uses a perpetual inventory system. Its records show the following for the month of May.

$($a$)$

Your answer is correct.

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 $

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$($b$)$

Calculate the cost of goods sold for May and the ending inventory at May $31$ using the average cost formula. $($Round average unit

cost to $3$ decimal places, e$.$g$.15\mathrm{.}235$ and final answers to $2$ decimal places, e$.$g$.525\mathrm{.}25.)$

Cost of goods sold $

Ending inventory $