In its first month of operations, Metlock, Inc. made three purchases of merchandise in the following sequence: (1) 240 units at $6, (2) 480 units at $7, and (3) 440 units at $8. Assuming there are 180 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Metlock uses a periodic inventory system.

In its first month of operations, Metlock, Inc. made three purchases of merchandise in the following sequence: (1) 240 units at $6, (2) 480 units at $7, and (3) 440 units at $8. Assuming there are 180 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Metlock uses a periodic inventory system. FIFO (a) Cost of the ending inventory $ LIFO (b) Cost of the ending inventory $