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In its first month of operations, Sunland Company made three purchases of merchandise in the...

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Accounting

In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1)355 units at $6,
(2)510 units at $7, and (3)400 units at $8.
Assuming there are 265 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method.
Sunland uses a periodic inventory system.
FIFO
(a) Cost of the ending inventory $
LIFO
(b) Cost of the ending inventory $
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