In its first month of operations, Cheyenne Corp. made three purchases of merchandise in the following sequence: (1) 385 units at $5, (2) 570 units at $6, and (3) 430 units at $7. Assuming there are 325 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Cheyenne uses a periodic inventory system. (a) (b) Cost of the ending inventory $ Cost of the ending inventory $ FIFO LIFO

In its first month of operations, Cheyenne Corp, made three purchases of merchandise in the following sequence: (1) 3a5 units at 55 . (2) 570 units at 56 , and (3)430 units at $7. Assuming there are 325 tinits on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Cheyenne uses a periodic inventory system