In its first month of operations,Windsor, Inc.made three purchases of merchandise in the following sequence: (1)230units at $5, (2)460units at $6, and (3)430units at $7.

Assuming there are160units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method.Windsoruses a periodic inventory system.

FIFO

(a)Cost of the ending inventory$

enter the cost of inventory as per FIFO in dollars

LIFO

(b)Cost of the ending inventory$

enter the cost of inventory as per LIFO in dollars