ly and cost of goods sold. What do T w els you found for each method? 10.(LO 2) Xiong Courses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Comprimemory and cost of goods soldning FIFO and UFO Units May 1 15 Inventory Purchases Purchases 24 Unit Cost Total Cost S8240 11 275 420 $935 Totals Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. Complementary and cost of goods sold in FIFO and LIFO. 35 E6.7 (LO2) Kaleta Company reports the following for the month of June, Unit Cost Total Cost June 1 Inventory 200 $1,000 12 Purchase 400 6 4 00 Purchase 300 7 2 ,100 30 Inventory Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. b. Which costing method gives the higher ending inventory? Why? e. Which method results in the higher cost of goods sold? Why