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

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Accounting

In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: (1)258 units at $6,(2)344 units at $8, and (3)604 units at $9. Assuming there are 172 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. Ivanhoe uses a periodic inventory system.
Ending Inventory
FIFO $
LIFO $
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