- Your answer is partially correct. Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 147 units were sold. May 1 Inventory 15 24 Purchases Purchases Totals Ending inventory Cost of goods sold $ Units $ 59 54 64 177 Unit Cost FIFO $8 12 13 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. 390 Total Cost 1562 $472 $1,952 $ 648 $ LA 832 LIFO

Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 147 units were sold. Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods