Use following information to answer the next two questions.

Company K uses a periodic inventory system and has the following sales and purchases for the month of May:

May 1		Balance		298 units @ $10		May 10		Sold		196 units @ $24
11		Purchased		797 units @ $12		15		Sold		490 units @ $26
20		Purchased		511 units @ $14		27		Sold		292 units @ $28

Compute the cost of goods sold under LIFO inventory method:

• A.

  10,758

• B.

  $12,758

• C.

  $11,578

• D.

  9,650

Using information above, compute the ending inventory under the LIFO method:

• A. $7,940
• B. 10,150
• C. $8,940
• D. $6,940