Sarasota 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 33 $11 $363 May 15 Purchase 25 12 300 May 18 Sale (44) May 24 Purchase 39 13 13 507 Total 97 $1,170 (a) Your answer is correct. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 495 Ending Inventory $ 675