Exercise 8-14The following is a record of Sheffield Company’s transactions for Boston Teapots for the month of May 2017.May 1 Balance 468 units @ $18 May 10 Sale 351 units @ $3512 Purchase 702 units @ $27 20 Sale 632 units @ $3528 Purchase 468 units @ $31 Assuming that perpetual inventories arenot maintained and that a physical count at the end of the month shows 655 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?(1) FIFOEnding Inventory$_______________(2) LIFOEnding 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) FIFOEnding Inventory$_______________(2) LIFOEnding Inventory$ ________________Please any assistance given will be deeply appreciated$