Exercise 8-14 The following is a record of Flounder Company's transactions for Boston Teapots for the month of May 2017. May 1 Balance 464 units $20 May 10 Sale 348 units $34 12 Purchase 696 units$25 20 Sale 626 units$34 28 Purchase 464 units$30 Your answer is correct. Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? FIFO LIFO Ending Inventory 18570 13930 Your answer is partially correct. Try again. Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO FIFO LIFO Ending Inventory 1857 13930 Click if you would like to Show Work for