The following is a record of Sheffield Company's transactions for Colt Products for the month of May 2025. May 1 Balance (a) 12 28 Purchase Purchase 702 units 1,053 units Ending inventory $ 702 units $9 May 10 (1) FIFO $14 $16 20 Sale 527 units Sale 948 units Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 982 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? $18 @ $18 (2) LIFO

The following is a record of Sheffield Company's transactions for Colt Products for the month of May 2025. (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 982 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? The following is a record of Sheffield Company's transactions for Colt Products for the month of May 2025. (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 982 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO