FIFO and LIFO—Periodic and Perpetual) The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2007.
May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38
12 Purchase 600 units @ $25 20 Sale 540 units @ $38
28 Purchase 400 units @ $30
Instructions:
Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 560 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.