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In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 300 units at $7. (2) 410 units

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In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 300 units at $7. (2) 410 units at $8, and (3) 210 units at $9. Assuming there are 390 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method, Lily uses a periodic inventory system

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