In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: $(1)240$ units at $$5,$

$(2)340$ units at $$7,$ and $(3)440$ units at $$8.$ Assuming there are $140$ 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. Ivanhoe uses a periodic inventory system.