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E6-5 Catlet Co. uses a periodic inventory system. Its records show

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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
Instructions
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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