E8.14

E8.14 (LO 3) (FIFO and LIFO-Periodic and Perpetual) The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020. May 1 Balance 400 units @ $20 12 Purchase 600 units @ $25 28 Purchase 400 units @ $30 May 10 20 Sale 300 units @ $38 Sale 540 units @ $38 Instructions 2. Assuming that perpetual inventories are not maintained and that a physical count at um month shows 560 units on hand, what is the cost of the ending inventory using (1) Fit b. Assuming that perpetual records are maintained and they tie into the general cos ending inventory using (1) FIFO and (2) LIFO. Ex.15 (L03) (FIFO and LIFO; Income Statement Pro Corporation is considering what count at the end of the using (1) FIFO and (2) LIFO? eneral ledger, calculate the Tahiro