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Exercise 6-5 Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 98 units were sold. May 1 Units 45 38 53 Inventory Purchases Purchases Totals Unit Cost $9 12 13 15 Total Cost $405 456 689 $1,550 24 136 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 Exercise 6-7 Lisa Company had 135 units in beginning inventory at a total cost of $16,200. The company purchased 270 units at a total cost of $36,450. At the end of the year, Lisa had 108 units in ending inventory Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to o decimal places, e.g. 1,250.) Average-cost The cost of the ending inventory The cost of goods sold FIFO LIFO $ $ LINK TO TEXI Which cost flow method would result in the highest net income? LINK TO TUKI Which cost flow method would result in inventores approximating current cost in the balance sheet? Which cost flow method would result in the highest net income? LINK TO TEXT Which cost flow method would result in inventories approximating current cost in the balance sheet? LINK TO TEXT Which cost flow method would result in Lisa paying the least taxes in the first year? LIFO method FIFO method Average-cost method