Exercise 6-06

Exercise 6-06 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold. Unit Units Cost Total Cost May 1 Inventory 42 $15 $630 15 Purchases 35 18 630 24 Purchases 49 19 931 Totals 126 $2,191 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