Brief Exercise 6-03 Your answer is incorrect. Try again. In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1) 310 units at $7, (2) 440 units at $8, and (3) 220 units at $9. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Sheffield uses a periodic inventory system. FIFO LIFO Cost of the ending inventory Click if you would like to Show Work for this question: Open Show Work