Rayleigh Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2018: Purchases Sales Units Unit Cost Selling Price/ Unit Nov 1 Beginning inventory 210 $120 13 Purchase 140 116 29 Sale 192 $174 Dec 3 Purchase 100 112 16 Sale 104 168 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for the two months of November and December. Show calculations. a) FIFO Date Purchase Cost of Goods Sold Balance Nov 1 Nov 13 682 Nov 29 Dec 3 Dec 16