The following is a record of Oriole Companys transactions for Boston Teapots for the month of May 2020.

May 1

Balance

480 units

@

$19.00

May 10

Sale

360 units

@

$38.00

12

Purchase

720 units

@

$25.00

20

Sale

648 units

@

$38.00

28

Purchase

480 units

@

$31.00

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 672 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