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Instructions compute the ending inventory at may 31 and

Ballas 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 $ 8 $240

may 15 Purchases 25 11 275

May 24 Purchases 35 12 420 Totals 90 $935

Instructions 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.

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Accounting Basics: Instructions compute the ending inventory at may 31 and

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