E6-5 Catlet Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold.
Units | Unit cost | Total Cost | ||
1-May | Inventory | 30 | $8 | $240 |
15 | Purchases | 25 | 11 | $275 |
24 | Purchases | 35 | 12 | $420 |
90 | $935 |
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.
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