Brief Exercise 6-3 X Your answer is incorrect. Try again. In its first month of operations, Sheffield Corp. made three purchases of merchandise in the following sequence: (1) 175 units at $5, (2) 550 units at $6, and (3) 120 units at Assuming there are 400 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheffield uses a periodic inventory system. FIFO (a) Cost of the ending inventory LIFO (b) Cost of the ending inventory LINK TO TEXT VIDEO TUTORIAL