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
1-May Inventory 30 $8.91 $267.30
15-May Purchases 25 $11.91 $297.75
24-May Purchases 35 $12.91 $451.85
This solution illustrates how to compute the cost of goods sold and ending inventory value under the first-in, first-out (FIFO) and last-in, first-out (LIFO) methods.