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Question - Invenson 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
40
$7
$280
May 15
Purchases
32
10
320
May 24
45
11
495
Totals
117
$1,095
Required - 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 each method.
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