Exercise 6-5

Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 114 units were sold.

Units

Unit Cost

Total Cost

May 1Inventory50

$8

$400

15Purchases42

11

462

24Purchases59

12

708

Totals151

$1,570

you need to 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$

$