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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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