35 654.85 90 $1,538.90 Compute the ending inventory at May 31 and cost of goods
ID: 2377806 • Letter: 3
Question
35
654.85
90
$1,538.90
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.)
Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $14.71 $441.30 May 15 Purchases 25 17.71 442.75 May 24 Purchases35
18.71654.85
Totals90
$1,538.90
Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold. Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.Explanation / Answer
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.......................................................................... 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
Proof
Date
Units
Unit Cost
Total Cost
5/1
30
$ 8
$240
5/15
25
11
275
5/24
10
12
120
$635
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