Transcribed Image Text: Exercise 6-06 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91
Transcribed Image Text: Exercise 6-06
Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold.
Units
Unit Cost
Total Cost
May 1
Inventory
42
$15
$630
15
Purchases
35
18
630
24
Purchases
49
19
931
Totals
126
$2,191
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
$4
Cost of goods sold
%24
%24
%24
%24
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