Question 13 Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 400 units of Product A at a cost of $7 per unit. During May, the following purchases and sales were made Purchases Sales 375 250 300 425 1,350 units at $9 units at $10 units at $11 units at $13 275 units 350 units 450 units 225 units May 6 May 4 8 21 28 24 1,300 Instructions: Compute the May 31 ending inventory and May cost of goods sold using average cost Ending inventory Cost of goods sold Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 400 units of Product A at a cost of $7 per unit. During May, the following purchases and sales were made Purchases Sales May 6 May 4 375 250 300 425 1,350 units at $9 units at $10 units at $11 units at $13 275 units 350 units 450 units 225 units 8 21 28 24 1,300 Instructions: Compute the May 31 ending inventory and May cost of goods sold using FIFO Ending inventory Cost of goods sold