On May 1, Pharoah Company had 450 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 1,500 $4.00 May 3 $7,00 320 1.0.0 14 740 S430 16 $7.00 29 500 $4.75 18 630 @ $7.50 Part 1 Calculate the cost of goods sold and ending inventory using FIFO. Part 1 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory $ Part 2 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 for the amount) Date Account Tides and Explanation Debit Credit May 3 Merchandisementary Accounts Payable (To record sales on account.) May 3 Accounts Receivable Sales (To record cost of goods sold.) May 4 Cast of Goods Sold Merchandise Inventory I (To record purchase on account.) May 16 Accounts Recenable Sales (To record sales on account.) May 16 Class of Goods Sole Merchandise Inventar (To record cost of goods sold.) - e Textbook and Media Part 3 w Calculate gross profit for May. Gross profit $