On May 1, Sandhill 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: May 4 (a) 14 29 Purchases $4.00 $4.40 400 @ $4.57 1,300 660 @ @ Cost of goods sold Ending inventory May 3 16 18 FIFO Sales 280 @ 1,000 Calculate the cost of goods sold and ending inventory using FIFO. 460 19600 @ $7.00 $7.00 $7.50

On May 1. Sandhill Company had 440 units of imventory 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 monthof May for the company is as follows: (a) Calculate the cost of goods sold and ending inventory using FIFO