Acc280 Financial Accounting: E6-5 Catlet Co. uses a periodic inventory system

Acc280 Financial Accounting: E6-5 Catlet Co. uses a periodic inventory system

Acc280 Financial Accounting

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.
Date Explanation Units Unit Cost Total Cost
May 1 Inventory 30 8 240
May 15 Purchases 25 11 275
May 24 Purchases 35 12 420
Totals 90 935

Instructions:
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.)
Acc280 Financial Accounting: E6-5 Catlet Co. uses a periodic inventory system
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