On May 1, Cullumber 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		250		@		$7.00
14		610		@		$4.40		16		1,200		@		$7.00
29		500		@		$4.85		18		260		@		$7.50

Calculate the cost of goods sold and ending inventory using FIFO. eTextbook and Media Question Part Score Your answer is partially correct. is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Question 2 of 6 12.33/20 May 4 Merchandise Inventory 5460 Accounts Pavable (To record purchase on account.) May 16 Accounts Receivable \begin{tabular}{|r|} \hline 8400 \\ \hline \end{tabular} 5460 Sales (To record sales on account.) May 16 Cost of Goods Sold \begin{tabular}{|r|} \hline \hline 4160 \\ \hline \hline \end{tabular} 8400 Merchandise Inventory (To record cost of goods sold.) eTextbook and Media Attempts: 2 of 2 used Calculate gross profit for May. Gross profit $ eTextbook and Media Question Part Score