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The following is a record of Coronado Companys transactions for Boston Teapots for the month of May 2017. May 1 Balance 440 units at $19

The following is a record of Coronado Companys transactions for Boston Teapots for the month of May 2017.

May 1 Balance 440 units at $19 May 10 Sale 330 units at $41
12 Purchase 660 units at $25 20 Sale 594 units at $41
28 Purchase 440 units at $28

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 616 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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

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