In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: 200 units at $8: 250 units at $7; and 300 units at $6. There are 470 units on hand at the end of the period. Sheridan uses a periodic inventory system. (a) Your answer is incorrect. Calculate the cost of the ending inventory and cost of goods sold under FIFO. FIFO Ending inventory Cost of goods sold $