n its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1)120units at $6, (2)440units at $7, and (3)100units at $8.

Assuming there are340units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system.

FIFO

LIFO

Cost of the ending inventory$

$