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

May 1 Balance 472 units @ $20.00

May 10 Sale 354 units @ $36.00

May 12 Purchase 708 units @ $27.00

May 20 Sale 637 units @ $36.00

May 28 Purchase 472 units @ $29.00

Question 1: Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 661 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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