On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the First-In, First-Out (FIFO) method of Inventory valuation, find the value of Cost of Goods Sold and Ending Inventory as on 31st May if the following transactions took place during the month. Date Transaction details Number of Units Price per Unit ($) Purchases 120 8.00 5th May 13th May 23rd May Purchases 100 12.00 Sales 400 16.00 31st May Purchases 50 10.00 Cost of Goods Sold = $ 3,920 ; Ending Inventory = $ 740 Cost of Goods Sold = $ 3,290 ; Ending Inventory = $ 470 Cost of Goods Sold = $ 6,400 ; Ending Inventory = $ 740 Cost of Goods Sold = $ 6,400 ; Ending Inventory = $ 470