Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold.
|
Date |
Explanation |
Units |
UnitCost |
TotalCost |
|
May 1 |
Inventory |
30 |
|
$9.44 |
$283.20 |
|
|
May 15 |
Purchases |
25 |
|
12.44 |
311.00 |
|
|
May 24 |
Purchases |
35
|
|
13.44 |
470.40
|
|
|
|
Totals |
90
|
|
|
$1,064.60
|
|
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
|
FIFO |
LIFO |
| Ending Inventory |
$ |
$ |
| Cost of goods sold |
$ |
$ |