On May 1, Blossom Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,500 @ $4.00 May 3 280 $7.00 14 720 @ $4.30 16 1.100 @ $7.00 29 500 @ $4.64 18 520 $7.50 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory $