Current Attempt in Progress

Lily Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold.

				Units			Unit Cost			Total Cost
May 1		Inventory		36			$9			$324
15		Purchases		23			12			276
24		Purchases		34			13			442
		Totals		93						$1,042

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

		FIFO		LIFO
Ending inventory at May 31		$.		$.
Cost of goods sold		$		$