In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1) 330 units at $9, (2) 430 units at $11, and (3) 530 units at $12. Assuming there are 230 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Giffin uses a periodic inventory system.

FIFO LIFO

The Ending Inventory. $____________ $_______________