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

May 1

Balance

484 units

@

$19

May 10

Sale

363 units

@

$37

12

Purchase

726 units

@

$27

20

Sale

653 units

@

$37

28

Purchase

484 units

@

$30

(a)

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 678 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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

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