The company uses a periodic inventory system. A physical inventory on May 30 shows 150 units on hand. Assuming LIFO (Last-In-First-Out) inventory costing, calculate the cost of goods sold.

Tess Company's inventory records show the following data for the month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases: May 8 200 3.00 May 15 100 4.00 The company uses a periodic inventory system. A physical inventory on May 30 shows 150 units on hand. Assuming LIFO (Last-In-First-Out) inventory costing, calculate the cost of goods sold. 2. $980 b. $1,100 c. $850 0 $700 QUESTION 18 Tess Company's inventory records show the following data for the month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases: May 8 200 3.00 May 15 100 4.00 The company uses a periodic inventory system. A physical inventory on May 30 shows 150 units on hand. Assuming FIFO (First-In-First-Out) inventory costing, calculate the value of ending inventory. 2. $450 b. 5600 $300 0.$550