Ivanhoe Co. uses a periodic inventory system. Its records show the following for the month of May, I May 1 15 24 Inventory Purchases Purchases Totals Ending inventory Cost of goods sold Units $ 50 45 55 150 Unit Cost FIFO $8 12 13 Total Cost $400 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. 540 715 $1,655 LIFO

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and UFO methods