retailers as well as customers. The following transactions occurred during the last month of  2016:

• Dec. 01: 800 units on hand @ $40 each.

• Dec. 08: 600 units sold @ $76 each.

• Dec. 14: 1,200 units purchased @ $50 each.

• Dec. 18: 1,080 units sold @ $76 each.

• Dec. 30: 800 units purchased @ $60 each.

Required: Assuming the Alpha merchandising company uses periodic inventory method, compute the cost of inventory on hand at December 31, 2016, under the following cost flow assumptions:

(a). First in, first-out (FIFO)

(b). Last in, first-out (LIFO)