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In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 225 units at $7, (2) 450 units

In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 225 units at $7, (2) 450 units at $8, and (3) 425 units at $9. Assuming there are 150 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheridan uses a periodic inventory system.

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