In its first month of operations, Bonita Company made three purchases of merchandise in the following sequence: (1) 350 units at $7, (2) 470 units at $8, and (3) 220 units at $9.

Assuming there are 390 units on hand, compute the cost of the ending inventory under the (a)

FIFO method and (b) LIFO method. Bonita uses a periodic inventory system.

FIFO$

LIFO$

Cost of the ending inventory