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

May 1

Balance

500 units

@

$19

May 10

Sale

375 units

@

$41

12

Purchase

750 units

@

$26

20

Sale

675 units

@

$41

28

Purchase

500 units

@

$28

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 700 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.