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Blossom Co. uses a periodic inventory system. Its records show the following for the month of May, in which 144 units were sold. Units Unit
Blossom Co. uses a periodic inventory system. Its records show the following for the month of May, in which 144 units were sold.
| Units | Unit Cost | Total Cost | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May | 1 | Inventory | 58 | $8 | $464 | ||||||||
| 15 | Purchases | 53 | 12 | 636 | |||||||||
| 24 | Purchases | 63 | 13 | 819 | |||||||||
| Totals | 174 | $1,919 | |||||||||||
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
| FIFO | LIFO | ||||
|---|---|---|---|---|---|
| Ending inventory | $enter a dollar amount | $enter a dollar amount | |||
| Cost of goods sold | $enter a dollar amount | $enter a dollar amount |
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