Brief Exercise 6-3 $7 In its first month of operations, Novak Corp. made three purchases of merchandise in the following sequence: (1) 160 units at $5, (2) 420 units at $6, and (3) 105 units at Assuming there are 320 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Novak uses a periodic inventory system FIFO (a) Cost of the ending inventory LIFO (b) Cost of the ending inventory