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Compute the ending inventory at May

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Question - 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

Required - Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Reference no: EM132754806

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