The Luann Company uses the periodic inventory system. The following May data are for an item in Luann's inventory: Beginning balance, May 1 Purchased Quantity 20 Unit Cost $10 Total Costs $200 50 $12 $600 Sold Purchased 60 25 $13 $325 Answer the questions in 1-3. Calculate the Cost of Goods Sold for May and Ending Inventory at May 31 using the first-in, first-out (FIFO).