Brief Exercise 6-03

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In its first month of operations, Bramble Company made three purchases of merchandise in the following sequence: (1)330units at $6, (2)430units at $7, and (3)210units at $8.

Assuming there are360units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bramble uses a periodic inventory system.

FIFO

LIFO

Cost of the ending inventory$

$