On May 1, Wildhorse Co. 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 May 4 1,400 14 740 Sales May 3 16 260 $4.00 $4.50 @ @ $7.00 $7.00 $7.50 1,000 550 29 400 $4.75 18 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory $