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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.
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