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    Dec 17, 2011, 09:57 AM
    Accounting question
    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 $12.03 $360.90
    May 15 Purchases 25 15.03 375.75
    May 24 Purchases 35 16.03 561.05

    Totals 90 $1,297.70

    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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