Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold.

Instructions
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under eachmethod.

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Units 30 25 35 90 Unit Cost Total Cost May 1 15 24 Inventory Purchases Purchases Totals $240 275 420 12 $935