On May 1, Crane Company had 430 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		260		@		$7.00
14		780		@		$4.50		16		1,100		@		$7.00
29		400		@		$4.82		18		370		@		$7.50

Calculate the cost of goods sold and ending inventory using FIFO. Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit occount tities are outomaticolly indent When the amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.) May 16 (To record sales on account.) May 16 (To record cost of goods sold.) eTextbook and Media List of Accounts Calculate gross profit for May. Gross profit List of Accounts