The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 14 $1,120 2-May Purchase 65 13 $845 3-May Purchase 85 16 $1,360 10-May Sale 130 $30 15-May Purchase 45 19 $855 17-May Sale 55 $30 30-May Sale 85 $30

Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO