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

May 1

Balance

464 units

@

$20.00

May 10

Sale

348 units

@

$34.00

12

Purchase

696 units

@

$25.00

20

Sale

626 units

@

$34.00

28

Purchase

464 units

@

$30.00

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

		(1) FIFO		(2) LIFO
Ending Inventory		$		$

eTextbook and Media

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		$		$