The Schulte CD Company has a beginning inventory for May of $2,500 (250 CDs at $10 each) and makes the following purchases and sales of CDs during May:

May 5	Purchases	150 CDs @ $11 = $1,650
May 12	Sales	160 CDs
May 22	Purchases	150 CDs @ $12 = $1,800
May 25	Sales	90 CDs

Compute the cost of goods sold for May utilizing the perpetual inventory system and the FIFO cost flow assumption.

Compute the ending inventory for May utilizing the perpetual inventory system and the FIFO cost flow assumption.