Description
Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 102 units were sold.
Units |
Unit Cost |
Total Cost |
||
May 1 |
Inventory |
47 |
$11 |
$517 |
15 |
Purchases |
39 |
14 |
546 |
24 |
Purchases |
55 |
15 |
825 |
Totals |
141 |
$1,888 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO
and LIFO methods.
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