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.