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In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in the following sequence: (1) 320 units at $4, (2) 420

In its first month of operations, Whispering Winds Corp. made three purchases of merchandise in the following sequence: (1) 320 units at $4, (2) 420 units at $6, and (3) 520 units at $7. Assuming there are 220 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Whispering Winds Corp. uses a periodic inventory system.

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