ations counting Updates Bonita Industries took a physical inventory on December 31 and determined that foods costing $210,000 were on hand. Not included in the physical count were $24,000 of goods purchased from Metlock, Inc, FOB, shipping point, and $24.500 of goods sold to Whispering Winds Corp. for 334.000 FOB destination. Both the Metlock purchase and the Whispering Winds sale were in transit at year-end. JS Support What amount should Bonita report as its December 31 inventory? Ending Inventory ting In its first month of operations, Bonita Industries made three purchases of merchandise in the following sequence: (1) 240 units at $9.12) 340 units at $11, and (3) 440 units at $12. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bonita Industries uses a periodic inventory system. ates upport FIFO LIFO The Ending Inventory S