Catlet Company

Catlet Company - 935 Less Ending inventory(25 X $12 300 Cost of goods sold $635 Proof Date Units Unit Cost Total Cost 5/1 30 $ 8 $240 5/15 25 11

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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 May 1 Inventory 30 $ 8 $240 15 Purchases 25 11 275 24 Purchases 35 12 420 Totals 90 $935 Compute inventory and cost of goods sold using FIFO and LIFO. (SO 2) 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. FIFO Beginning inventory (30 X $8). .............................................................................. $240 Purchases May 15 (25 X $11). ........................................................................................ $275 May 24 (35 X $12). ........................................................................................ 420 695 Cost of goods available for sale. ............................................................................
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Unformatted text preview: 935 Less: Ending inventory (25 X $12). ..................................................................... 300 Cost of goods sold. ................................................................................................... $635 Proof Date Units Unit Cost Total Cost 5/1 30 $ 8 $240 5/15 25 11 275 5/24 10 12 120 $635 LIFO Cost of goods available for sale. ............................................................................................. $935 Less: Ending inventory (25 X $8). ........................................................................................ 200 Cost of goods sold. .................................................................................................................... $735 Proof Date Units Unit Cost Total Cost 5/24 35 $12 $420 5/15 25 11 275 5/1 5 8 40 $735...
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This note was uploaded on 03/23/2012 for the course ACCT 306 taught by Professor Mikewoodard during the Spring '12 term at DeVry Houston.

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Catlet Company - 935 Less Ending inventory(25 X $12 300 Cost of goods sold $635 Proof Date Units Unit Cost Total Cost 5/1 30 $ 8 $240 5/15 25 11

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