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Compute the ending inventory at may and cost of goods sold

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Lily Co. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold.

                              Units        Unit Cost      Total Cost

May 1 Inventory  32               $6           $192

May 15 Purchases 27             9            243

May 24 Purchases  32             10             320

Totals                 91                               $755

Problem 1: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Reference no: EM132751394

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