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In its first month of operations, Skysong, Inc. made three purchases of merchandise in the following sequence: ( 1 ) 2 2 0 units at

In its first month of operations, Skysong, Inc. made three purchases of merchandise in the following sequence: (1)220 units at \(\$ 10\),(2)440 units at \(\$ 11\), and (3)420 units at \(\$ 12\). Assuming there are 140 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Skysong uses a periodic inventory system.

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