The following is a record of Wildhorse Companys transactions for Boston Teapots for the month...
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Accounting
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
12
Purchase
708 units
@
$27.00
20
Sale
637 units
@
$36.00
28
Purchase
472 units
@
$29.00
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?
(1)FIFO
(2)LIFO
Ending Inventory
$
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