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Exercise 6-5 Xiong Co. uses a periodic inventory system. Its records show the following for...

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Accounting

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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