Fionnula Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Fionnula Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold

InstructionsCompute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods prove the amount allocated to cost of goods sold under eachmethod.

Unit Cost $ 8 Units 30 25 35 Total Cost May 1 $240 Inventory 15 Purchases 24 Purchases Totals 275 420 $935 12 90