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Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 85 units were sold. Units Unit

Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 85 units were sold.

Units

Unit Cost

Total Cost

May 1 Inventory

39

$11

$429

15 Purchases

33

14

462

24 Purchases

46

15

690

Totals

118

$1,581

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

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