Novak Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 32 $ 10 $ 320 May 15 Purchase 26 11 286 May 24 Purchase 13 12 516 Total 101 $ 1,122 Calculate the Cost of goods sold and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending inventory $