In its first month of operations, Quilt Company made three purchases of merchandise in the following sequence: (1) 300 units at \(\$ 6\), (2) 400 units at \(\$ 7\), and (3) 300 units at \(\$ 8\). Assuming there are 400 units on hand, compute the cost of the ending inventory under the (1) FIFO method and (2) LIFO method. Quilt uses a periodic inventory system.