Use the following information to answer questions 16 \& 17 : A company just starting business uses a periodic inventory system. The company made the following three inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 320 units on hand. 16. Using the LIFO inventory method, the value of the ending inventory on June 30 is a. $3,130 b. $2,770 c. $2,730 d. $2,370 17. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is a. $3,130 b. $2,770 c. $2,730 d. $2,370