Exercise 8-17 The following is a record of Pervis Ellison Companys transactions for Boston Teapots for the month of May 2014. May 1 Balance 451 units @ $20 May 10 Sale 338 units @ $36 12 Purchase 676 units @ $23 20 Sale 609 units @ $36 28 Purchase 451 units @ $27 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 631 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (1) (2) FIFO FIFO 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) (2) FIFO LIFO Ending Inventory $ $