The following inventory transactions took place for Pharoah Corporation for the month of May: Date Transaction May 1 Beginning inventory May 5 Purchase May 10 Purchase May 15 Sale May 20 Sale May 22 Purchase May 24 Purchase May 25 Sale Quantity 4,000 3,000 3,000 5,000 3,000 3,500 2,500 5,000 Cost/Selling Price $3.10 $3.30 $3.40 $5.60 $5.60 $3.60 $3.60 $5.60 Instructions: Assuming that Pharoah uses a perpetual Inventory system and the moving-overage cost formula: al Calculate the ending inventory balance (5 marks) (b) Calculate the cost of goods sold (5 marks)