Ford Co. uses a periodic inventory system. Its records show the following for the month of May in which 75 units were sold. $105‾$1.160‾\begin{array}{llccc}&& \underline{\text { Units}}& \underline{\text { Unit Cost }}& \underline{\text { Total Cost }}\\\text { May}& 1 \text { Inventory } & 35 & \$ 8&\$280 \\&15 \text { Purchases } & 30 & 12&360 \\&24 \text { Purchases } & \underline{40} & 13 & \underline{520}\\&\text { Totals }& \underline{105}&& \underline{\$1.160}\end{array}$ 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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Ford Co. uses a periodic inventory system. Its records show the following for the month of May in which 75 units were sold.    Units ‾  Unit Cost  ‾  Total Cost  ‾  May 1  Inventory  35 $ 8 $ 280 15  Purchases  30 12 360 24  Purchases  40 ‾ 13 520 ‾  Totals  105 ‾ $ 1.160 ‾ \begin{array}{llccc} & &  \underline{	ext { Units}} &  \underline{	ext {  Unit Cost }} &  \underline{	ext { Total Cost }}\	ext { May} &  1 	ext { Inventory }  &  35  &  \$ 8 & \$280 \ & 15 	ext { Purchases }  &  30  &  12 & 360 \ & 24 	ext { Purchases }  &   \underline{40}  &  13  &  \underline{520}\ & 	ext { Totals } &  \underline{105} & &  \underline{\$1.160}\end{array}  May ​ 1  Inventory  15  Purchases  24  Purchases   Totals  ​  Units ​ 35 30 40 ​ 105 ​ ​  Unit Cost  ​ $8 12 13 ​  Total Cost  ​ $280 360 520 ​ $1.160 ​ ​   InstructionsCompute 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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