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Compute the ending inventory at may

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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.

Reference no: EM131881667

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