Lily Co. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Units Unit Cost Total Cost May 1 Inventory 32 $6 $192 15 Purchases 27 9 243 24 Purchases 32 10 320 Totals 91 $755 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Sean lives in dallas and runs a business that sells boats. in an average year, he receives $722,000 from selling boats. of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. he owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if sean does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. no other costs are incurred in running this boat business. identify each of sean's costs in the following table as either an implicit cost or an explicit cost of selling boats. implicit costexplicit costthe wages and utility bills that sean pays the rental income sean could receive if he chose to rent out his showroom the salary sean could earn if he worked as a paralegal the wholesale cost for the boats that sean pays the