SOLVE AND WRITE EQUATIONS

In its first month of operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1) 290 units at $5, (2) 390 units at $7, and (3) 490 units at $8. Assuming there are 190 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Swifty Corporation uses a periodic inventory system. FIFO LIFO The Ending Inventory $