Concord Co. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Units Unit Cost Total Cost May 1 Inventory 37 $11 $407 15 Purchases 25 14 350 24 Purchases 32 15 480 Totals 94 $1,237 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Ending inventory at May 31 *Cost of goods sold tA A FIFO $ LIFO