The following is a record of Crane Company's transactions for Boston Teapots for the month of May 2017.

May 1Balance488units@$22May 10Sale366units@$3912Purchase732units@$2320Sale659units@$3928Purchase488units@$32

Assuming that perpetual inventories arenotmaintained and that a physical count at the end of the month shows683units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

(1)

FIFO

(2)

LIFO

Ending Inventory$

$

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

(1)

FIFO

(2)

LIFO

Ending Inventory$

$