In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1)240units at $4, (2)340units at $6, and (3)440units at $7. Assuming there are140units 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	$	$