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

Question

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 $8.13 $243.90 May 15 Purchases 25 11.13 278.25 May 24 Purchases 35 12.13 424.55 Totals 90 $946.70 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.) Use this table: FIFO LIFO Ending Inventory $ $ Cost of goods sold $ $

Explanation / Answer

Inventory on may 31 is 90 - 65 = 25.

Cost of goods sold using FIFO is 243.90 + 278.25 + 10 * 12.13 = $643.45

Cost of goods sold using LIFO is 424.55 + 278.25 + 5 * 8.13 = $743.45

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