View Policies Show Attempt. History Current Attempt in Progress On May 1, Cullumber Company had 460 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Calculate the cost of goods sold and ending inventory using FIFO. Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) May 4 Merchandise liwentory Accounts Pavatile: (To record purchase on account.) May 16 Accounts Receivable (To record sales on account.) May 16 Cost of Goods Sold Merchandiwe Irventory (To record cost of goods sold.) eTextbook and Media Assistance Used List of Accounts - Your answer is incorrect. Calculate gross profit for May. Gross profit eTextbook and Media List of Accounts Last saved 1 minute ago. Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes