E8-14B (L03) (FIFO and LIFOPeriodic and Perpetual) The following is a record of Ensberg Companys transactions for Colt Products for the month of May 2017.

Instructions

(a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

(b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory

using (1) FIFO and (2) LIFO.

May 1 Balance 600 units@ $10.00 May 10 Sale 450 units @ $19 12 Purchase 900 units@ $12.00 20 Sale 810 units @ S19v 28 Purchase 600 units @ $15.00