Pharoah Company uses a periodic inventory system. Its records show the following for the month...
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Pharoah Company uses a periodic inventory system. Its records show the following for the month of May, in which 146 units were sold. Unit Cost Units Total Cost May 1 Inventory 68 $10 $680 15 Purchases 56 13 728 24 Purchases 79 14 1,106 Totals 203 $2,514 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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