The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:

May 1 Balance 25 units at $41

May 6 Sale 20 units

May 8 Purchase 20 units at $42

May 16 Sale 10 units

May 20 Purchase 20 units at $43

May 23 Sale 25 units

May 30 Purchase 15 units at $44

(a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory.

(b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory.

A. FIFO

B. LIFO