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

InstructionsCompute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.Prove the amount allocated to cost of goods sold under eachmethod.

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Unit Cost Total Cost Units 30 25 35 90 May 1 Inventory $240 275 420 15 Purchases 24 Purchases 11 12 $935 Totals EA|||