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Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold.

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

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

This question was asked on Mar 23, 2010.

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