In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: (1) 340 units at $5. (2) 440 units at \$7, and (3) 540 units at $8. Assuming there are 240 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 irventory system