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: Compute the cost of goods sold under LIFO inventory method: A. $12,758 B. $9,850 C. $12,247 D. $12,758 Reset Selection Using information above, compute the ending inventory under the LIFO method: A. $6,940 B. $7,238 C. $8,240 D. $7,840 Reset Selection