In its first month of operations, Pharoah Company made three purchases of merchandise in the following sequence: $(1)380$ units at $$6(2)480$ units at $$8,$ and $(3)580$ units at $$9.$ Assuming there are $280$ 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 methodPharoah uses a periodic inventory system.  

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To compute the cost of the ending inventory under the FIFO FirstIn FirstOut and LIFO LastIn FirstOut methods we need to determine the cost of the unit... View the full answer