Catlet Co. uses a periodic inventory system. It records show the following for t

Question

Catlet Co. uses a periodic inventory system. It 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       $12.96            $388.90
May 15 Purchases            25      $15.96            $399.00
May 24 Purchases            35     $16.96             $593.60
Total                              90                          $1,381.40

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Round answers to 2 decimal places, e.g. 10.50

                                   FIFO                    LIFO

Ending inventory $______________ $_______________
Cost of goods sold $______________ $_______________

Explanation / Answer

FIFO Ending Inventory = 25 @$16.96 = $424 COGS = $957.4 LIFO Ending Inventory = 25 @ 12.96 = $324 COGS = $1057.4

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