In its first month of operations. Waterway Company made three purchases of merchandise in the following sequence: (1) 350 units at $6 (2) 400 units at $7 and (3) 240 units at $8, Assuming there are 360 units 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 S Current Attempt in Progress In its first month of operations, Waterway Company made three purchases of merchandise in the following sequence: (1) 350 units at $6 (2) 4B0 units at $7, and (3) 240 units at $8. Assuming there are 360 units 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 $ $