On May 1,Blossom Companyhad400units of inventory on hand, at a cost of $4.00each. 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 3 280 @ $7.00 14 720 @ $4.30 16 1,100 @ $7.00 29 500 @ $4.64 18 520 $7.50