AE6-5 Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 64 units were sold.

AE6-5Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 64 units were sold.DateExplanationUnitsUnit CostTotal CostMay 1 Inventory 31 $7$21710 240May 24Purchases3512 420Totals 90$877Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFOLIFOEnding Inventory$$Cost of goods sold$$