On May 1, Crane Company had 410 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		1,300		@		$4.20		May 3		270		@		$7.00
14		790		@		$4.50		16		1,000		@		$7.00
29		400		@		$4.64		18		440		@		$7.50

Calculate the cost of goods sold and ending inventory using FIFO.

		FIFO
Cost of goods sold		$enter a dollar amount
Ending inventory		$enter a dollar amount

Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 3	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	(To record sales on account.)
May 3	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold.)
May 4	enter an account title to record purchase on account	enter a debit amount	enter a credit amount
	enter an account title to record purchase on account	enter a debit amount	enter a credit amount
	(To record purchase on account.)
May 16	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	enter an account title to record sales on account	enter a debit amount	enter a credit amount
	(To record sales on account.)
May 16	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold.)

Calculate gross profit for May.

Gross profit

$enter Gross profit in dollars