Compute the ending inventory at may

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Reference no: EM132743073

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: EM132743073

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