Mawmey Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold:

\section*{Instructions}
Compute the ending inventory at May 31 using the

(a) FIFO and

(b) LIFO method. Prove the amount allocated to cost of goods sold under each method.

Transcribed Image Text:

Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 8 $240 15 Purchase 25 10 250 24 Purchase 35 12 420 Total 90 $910