Sarasota-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 $245 8 100 109 13 80 269 15 60 115 20 60 27 22 60 295 40 40 319 (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, e.g. 5.75.) Cost of Goods Sold Ending Inventory $ LA $ LA FIFO +A +A $ Average