In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 410 units at $7, and (3) 220 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Sheridan uses a periodic inventory system. FIFO LIFO Cost of the ending inventory $ tA $