CALCULATOR PRINTER VERSION 1 BACK N Exercise 8-14 The following is a record of Novak Company's transactions for Boston Teapots for the month of May 2020. May 1 Balance 500 units @ $19.00 May 10 Sale 375 units $41.00 12 Purchase 750 units $26.00 20 Sale 675 units @ $41.00 28 Purchase 500 units $28.00 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 700 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? FIFO (2) LIFO Ending Inventory SHOW ANSWER Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending Inventory using (1) FIFO and (2) LIFO. (1) (2) FIFO LIFO Ending Inventory Click if you would like to Show Work for this question: Open Show Work