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In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: ( 1 ) 3 0 0 units at

In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1)300 units at $6,(2)400 units at $8, and (3)500 units at $9.
Assuming there are 200 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. McLanie uses a periodic inventory system.
(a) Cost of the ending inventory $
(b) Cost of the ending inventory $
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