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

May 1

Balance

408 units

@

$20

May 10

Sale

306 units

@

$41

12

Purchase

612 units

@

$26

20

Sale

551 units

@

$41

28

Purchase

408 units

@

$32

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 571 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

		(1) FIFO		(2) LIFO
Ending Inventory		$

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		$