Part 1 The inventory records for Cliffe Company reflected the following: Beginning inventory @ May 1 100 units @ $4.00 First purchase @ May 7 300 units @ $4.40 Second purchase @ May 17 500 units @ $4.60 Third purchase @ May 23 100 units @ $4.80 Sales @ May 31 900 units @ $7.80 The company makes use of the perpetual inventory system Required: Compute the cost of goods sold, gross profit and ending inventory value on 31 May using the FIFO cost method for inventory valuation