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In its first month of operations, Ayayai Company made three purchases of merchandise in the following sequence: (1) 190 units at $5, (2) 280 units

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In its first month of operations, Ayayai Company made three purchases of merchandise in the following sequence: (1) 190 units at $5, (2) 280 units at $7, and (3) 395 units at $9. Assuming there are 245 units on hand. Compute the cost of the ending inventory under the FIFO method and the LIFO method. Ayayai uses a periodic inventory system

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