Grouper Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold.

Calculate the Cost of goods sold and the ending inventory at May 31 using the FIFO formula.

Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $8 $ 240 May 15 Purchase 25 9 225 May 24 Purchase 42 10 420 Total 97 $ 885