On May 1, Ivanhoe Company had 440 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: (a) Your answer is correct. Calculate the cost of goods sold and ending inventory using FIFO. (b) 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, List all debit entries before credit entries.) 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.)