Current Attempt in Progress Your answer is incorrect. In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 410 units at $7, and (3) 220 units at $8. Assuming there are 390 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheridan uses a periodic inventory system