Pronghorn Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 May 15 Purchase 24 10 240 May 18 Sale (43 ) May 24 Purchase 36 11 396 Total 47 $906

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Pronghorn Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 30 $9 $270 May 15 Purchase 10 240 May 18 Sale (43) May 24 Purchase 36 11 396 Total 47 $906 24 1918 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending Inventory $