Ex. 1 The following information is available for Sharjah Company: Beginning inventory 600 units at $5 First purchase 900 units at $6 Second purchase 500 units at $7 Assume that Sharjah uses a periodic inventory system and that there are 700 units left at the end of the month. Instructions Compute the cost of ending inventory under the (a) FIFO method. (b) LIFO method