Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Unit Units Cost Total CostMay-1 Inventory 30 $8 $240 15 Purchases 25 11 27524 Purchases 35 12 420 Totals 90 $935 Compute the ending inventory on May 31 and cost of goods sold using the FIFO and LIFO methods.
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