In its first month of operations, Bonita Company made three purchases of merchandise in the following sequence: (1)330units at $6, (2)490units 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. Bonita uses a periodic inventory system.

FIFO LIFO

Cost of the ending inventory $. $

Question # 2

In its first month of operations, Concord Company made three purchases of merchandise in the following sequence: (1)320units at $6, (2)430units at $7, and (3)250units at $8.

Calculate the average unit cost.(Round answer to 2 decimal places, e.g. 15.25.)

Average unit cost. $