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    hhatcher Posts: 3, Reputation: 1
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    #1

    Apr 3, 2009, 11:50 AM
    FIFO and LIFO in periodic system
    I can't figure out how to get the answer of FIFO and LIFO and cost of good on hand, can you help me understand.
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    hhatcher Posts: 3, Reputation: 1
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    #2

    Apr 3, 2009, 11:51 AM
    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.
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