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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