Question 8 In its first month of operations, Cheyenne Inc. made three purchases of merchandise in the following sequence: (1) 380 units at $9 each, (2) 710 units at $13 each, and (3) 840 units at $12 each. A physical inventory count determined that there were 600 units on hand at the end of the month. Assuming Cheyenne uses a periodic inventory system. (a) Calculate the cost of the ending inventory and cost of goods sold using by FIFO. Ending inventory $ Cost of goods sold 5