A) Whispering, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.

Year Ended December 31		Inventory at Current-Year Cost			Price Index
2019		$21,500			100
2020		23,532			106
2021		27,664			112

Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method.

		2020		2021
Inventory under LIFO		$enter a dollar amount		$enter a dollar amount

B)

The following is a record of Sheffield Companys transactions for Boston Teapots for the month of May 2020.

May 1

Balance

468 units

@

$18.00

May 10

Sale

351 units

@

$35.00

12

Purchase

702 units

@

$27.00

20

Sale

632 units

@

$35.00

28

Purchase

468 units

@

$31.00

Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 655 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?

		(1) FIFO		(2) LIFO
Ending Inventory		$		$

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

		(1) FIFO		(2) LIFO
Ending Inventory		$		$