Exercise 8-14

The following is a record of Sheffield Company's transactions for Boston Teapots for the month of May 2017.

May 1 Balance468units@$18 May 10Sale351units@$35

12 Purchase 702units@$27 20 Sale 632units@$35

28 Purchase 468units@$31

Assuming that perpetual inventories arenotmaintained and that a physical count at the end of the month shows655units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

(1) FIFO Ending Inventory$_______________

(2) LIFO Ending Inventory$ ________________

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 Ending Inventory$_______________

(2) LIFO Ending Inventory$ ________________

Please any assistance given will be deeply appreciated

$