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A company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at $15 each May 5 Purchased
A company made the following merchandise purchases and sales during the month of May:
| May 1 | Purchased | 380 units at | $15 each |
| May 5 | Purchased | 270 units at | $17 each |
| May 10 | Sold | 400 units at | $50 each |
| May 20 | Purchased | 300 units at | $22 each |
| May 25 | Sold | 400 units at | $50 each |
There was no beginning inventory.
- If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
- If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
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