Question 2 of 3 View Policies - / 15 !!! Current Attempt in Progress Flounder-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Sales Date Units Unit Cost Units Unit Price May 1 120 $100 3 80 $246 8 100 111 13 80 269 15 60 116 293 20 60 320 40 27 (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 places, eg. 5.750) (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, eg. 5.75.) FIFO Average Cost of Goods Sold $ Ending Inventory $ eTextbook and Media Attempts:0 of 3 used Submit Answer Save for Later