Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. May 1 15 24 Inventory Purchases Purchases Totals Units 31 27 32 90 Unit Cost $5 8 9 Total Cost $155 216 288 $659

Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. \begin{tabular}{|ccccc} & & Units & Unit Cost & Total Cost \\ \hline May 1 & Inventory & 31 & $5 & $155 \\ 15 & Purchases & 27 & 8 & 216 \\ 24 & Purchases & 32 & 9 & 288 \\ & Totals & 90 & & 9659 \end{tabular} Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods