Exercise 6-06 (Video) X Your answer is incorrect. Try again. Sheffield Co. uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Units Unit Cost Total Cost May 1 15 24 Inventory Purchases Purchases 34 26 37 10 $238 260 407 Totals $905 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO x Ending inventory at May 31 286 182 Cost of goods sold 619 723 Click if you would like to Show Work for this question: Open Show Work Exercise 6-05 a-b (Video) Susan's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Susan's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Susan's uses a periodic inventory system. Date Explanation Units Total Cost 26 45 Unit Cost $97 105 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases Purchases $ 2,522 4,725 2,140 5,400 E Totals 141 $14,787 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 Cost of goods sold LINK TO TEXT For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold Click if you would like to Show Work for this question: Open Show Work