1. The following is a record of Sandhill Companys transactions for Boston Teapots for the month of May 2017. May 1 Balance 412 units @ $19 May 10 Sale 309 units @ $35 12 Purchase 618 units @ $26 20 Sale 556 units @ $35 28 Purchase 412 units @ $27 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 577 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (1) FIFO (2) LIFO Ending Inventory $ $

2.Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

		(1) FIFO		(2) LIFO
Ending Inventory		$		$

The following is a record of Sandhill Company's transactions for Boston Teapots for the month of May 2017. May 1 Balance Sale 309 units @ $35 556 units @ $35 12 412 units @ $19 May 10 618 units @ $26 20 412 units @ $27 Purchase Sale 28 Purchase Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 577 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (1) FIFO (2) LIFO Ending Inventory $ Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO. (1) FIFO (2) LIFO Ending Inventory