Sheridan Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $410 each. On January 10, Sheridan purchased 6 units at $480 each. The company sold 2 units on January 8 and 5 units on January 15. (a). Your Answer Correct Answer (Used) Compute the ending inventory under FIFO. The ending inventory $ (b) FIFO Compute the ending inventory under LIFO. The ending inventory $ LIFO 960

Sheridan Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $410 each. On January 10, Sheridan purchased 6 units at $480 each. The company sold 2 units on January 8 and 5 units on January 15. (a). Compute the ending inventory under FIFO. (b) Compute the ending inventory under LIFO