The following is a record of Cannondale Company's transactions for Boston Teapots for the month of May 2015.

May 1

Balance

400 units

@

$20

May 10

Sale

300 units

@

$38

12

Purchase

600 units

@

$25

20

Sale

590 units

@

$38

28

Purchase

400 units

@

$30

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 510 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

		Ending inventory
FIFO		$
LIFO		$

Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

		Ending inventory
FIFO		$
LIFO		$