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

May 1

Balance

496 units

@

$21.00

May 10

Sale

372 units

@

$37.00

12

Purchase

744 units

@

$27.00

20

Sale

670 units

@

$37.00

28

Purchase

496 units

@

$30.00

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 694 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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