PROBLEM

In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence:

	Purchase $	Units		Unit Cost
	1	300	at	$ 6.00
	2	400	at	$ 8.00
	3	500	at	$ 9.00
McLanie uses a periodic inventory system. It also provided the following information:
	Units on hand		200

Compute the cost of the ending inventory under the
a.	FIFO method
		Units		Unit Cost		Total Cost
	FIFO	200
Compute the cost of the ending inventory under the
b.	LIFO method
		Units		Unit Cost		Total Cost
	LIFO	200