The following is a record of Kingbird Companys transactions for Boston Teapots for the month of May 2017. May 1 Balance 416 units @ $22 May 10 Sale 312 units @ $41 12 Purchase 624 units @ $23 20 Sale 562 units @ $41 28 Purchase 416 units @ $32

(a) Incorrect answer. Your answer is incorrect. Try again. Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 582 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (1) FIFO (2) LIFO Ending Inventory $ Entry field with incorrect answer $

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