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Exercise 6-5 Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 111 units were sold.
Units Unit Cost Total Cost
May 1 Inventory 51 $14 $714
May 15 Purchases 43 $17 $731
May 24 Purchases 60 $18 $1,080
Totals: 154 $2,525
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: $_________ $__________
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