Problem - 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
|
Unit Cost
|
Total Cost
|
|
May 1
|
Inventory
|
30
|
$13.03
|
$390.90
|
|
May 15
|
Purchases
|
25
|
16.03
|
400.75
|
|
May 24
|
Purchases
|
35
|
17.03
|
596.05
|
| |
Totals
|
90
|
|
$1,387.70
|
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.