ae6 5 460797
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 | UnitCost | TotalCost | |||
| May 1 | Inventory | 30 | $9.44 | $283.20 | |||
| May 15 | Purchases | 25 | 12.44 | 311.00 | |||
| May 24 | Purchases |
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|
13.44 |
470.40 |
|||
| Totals |
90 |
$1,064.60 |
|||||
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 | $ | $ |
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