On May 1. Wildhorse Co. 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 Mary for the company is as follows: Purchases May 4 4 1.300 Sales May 3 $4.10 280 $700 14 660 $4.50 16 1,000 @ 57.00 29 400 $4.68 18 460 S7.50 Calculate the cost of goods sold and ending inventory using FIFO. FIFO Cost of goods sold $ Ending inventory Cost of goods sold $ Ending inventory $ List of Accounts Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account tities are automatically inde 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 amounts) Calculate gross profit for May. Gross profit