Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods

Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. May 1 15 Inventory Purchases Purchases Totals Units 38 25 37 100 Unit Cost $11 14 15 Total Cost $418 350 555 $1,323 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold