eBook Question Content Area Periodic Inventory-LIFO Jessie Stores uses the periodic system of calculating inventory.

The following information is available for December of the current year, when Jessie Stores sold 500 inventory units.

Units Cost/Unit /Total Cost Inventory,

Dec. 1: 300/ 250/ $75,000

Purchases, Dec. 8: 600 /275/ 165,000

TOTAL UNITS:900 TOTAL COST OF INVENTORY $240,000

Using the LIFO method, calculate Jessie Stores' inventory on December 31 and its cost of goods sold for December. Ending inventory $fill in the blank 1 Cost of goods sold $fill in the blank 2