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Current Attempt in Progress Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 117
Current Attempt in Progress Cullumber Co. uses a periodic inventory system. Its records show the following for the month of May, in which 117 units were sold. Units Unit Cost Total Cost May 1 Inventory 49 $8 $392 15 Purchases 44 12 528 24 Purchases 54 13 702 Totals 147 $1,622 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO Ending inventory $ $ Cost of goods sold $ $ LIFO
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