On May $1,$ Wildhorse Company had $400$ units of inventory on hand, at a cost of $$4\mathrm{.}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$)$

Calculate the cost of goods sold and ending inventory using FIFO.

FIFO

Cost of goods sold $

Ending inventory $