E8-17B (FIFO and LIFO—Periodic and Perpetual) The following is a record of Ensberg Company’s transactions for Colt Products for the month of May.

E8-17B (FIFO and LIFO—Periodic and Perpetual) The following is a record of Ensberg Company’s transactions for Colt Products for the month of May.

         May 1 Balance 600 units @ $10.00           May 10 Sale 450 units @ $19

         12 Purchase 900 units @ $12.00                20 Sale 810 units @ $19

28 Purchase 600 units @ $15.00

Instructions

(a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

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