Exercise 8-14 (Part Level Submission)

The following is a record of Metlock Companys transactions for Boston Teapots for the month of May 2017.

May 1

Balance

460 units

@

$20

May 10

Sale

345 units

@

$35

12

Purchase

690 units

@

$24

20

Sale

621 units

@

$35

28

Purchase

460 units

@

$30

(a)

	Your answer is correct.

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 644 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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

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(b)

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		$		$