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Lily Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Units Unit
Lily Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold.
Units | Unit Cost | Total Cost | |||||||||
May 1 | Inventory | 36 | $9 | $324 | |||||||
15 | Purchases | 23 | 12 | 276 | |||||||
24 | Purchases | 34 | 13 | 442 | |||||||
Totals | 93 | $1,042
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods |
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