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In its first month of operations, Flounder Company made three purchases of merchandise in the following sequence: (1) 190 units at $4, (2) 300 units

In its first month of operations, Flounder Company made three purchases of merchandise in the following sequence: (1) 190 units at $4, (2) 300 units at $7, and (3) 390 units at $8. Assuming there are 230 units on hand. Compute the cost of the ending inventory under the FIFO method and the LIFO method. Flounder uses a periodic inventory system.

FIFO $
LIFO $

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