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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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