On May $1,$ Cullumber Company had $410$ units of inventory on hand, at a cost of $$4\mathrm{.}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:

$($a$)$

Your answer is correct.

$($b$)$

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

FIFO

Cost of goods sold

$

Ending inventory

$

Date Account Titles

Debit

Credit

May $3$

$($To record sales on account.$)$

May $3$

$($To record cost of goods sold.$)$

May $4$

$($To record purchase on account.$)$

May $16$

$($To record sales on account.$)$

May $16$

$($To record cost of goods sold.$)$

$($c$)$