Question 5 Pronghorn Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Unit Cost Units $4 5 Total Cost $6,440.00 12,350 Date Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales 1,610 2,470 (2,260) 4,380 1,640 (6,100) 6 7 26,280 11,480 x Your answer is incorrect. Try again. Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) FIFO Average X Cost of goods sold Cost of ending inventory