In its first month of operations, Waterway Company made three purchases of merchandise in the following sequence: (1)350units at $6, (2)480units at $7, and (3)240units at $8.

Assuming there are360units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Waterway uses a periodic inventory system.

FIFO

LIFO

Cost of the ending inventory$

$