Question: Current Attempt in Progress Your answer is incorrect. In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence:

Current Attempt in Progress Your answer is incorrect. In its first

Current Attempt in Progress Your answer is incorrect. In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 410 units at $7, and (3) 220 units at $8. Assuming there are 390 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheridan uses a periodic inventory system

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