Compute the ending inventory at may 31 and cost of goods

Question

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method?

Zambian Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.

                             Units          Unit Cost                 Total Cost

May 1 Inventory   30               $9                              $270

May 15 Purchases   25            11                               $275

May 24 Purchases    35            12                              $420

Totals                        90                                               $965