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Crane Co

Accounting

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Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 62 units were sold. Units Unit Cost Total Cost $5 May 1 15 Inventory Purchases 30 22 8 $150 176 288 24 Purchases 32 9 Totals 84 $614 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. LIFO FIFO Ending inventory at May 31 Cost of goods sold Click if you would like to Show Work for this question: Open Show Work