View Policies Current Attempt in Progress In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 430 units at $8, and (3) 220 units at $9. Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Lily uses a periodic inventory system. FIFO LIFO Cost of the ending inventory $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (a) Calculate the average unit cost. (Round answer to 2 decimal places, eg. 15.25.) Average unit cost $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b). Compute the cost of the ending inventory under the average-cost method, assuming there are 380 units on hand. (Round answer to O decimal places, e.g. 1,250.) The cost of the ending inventory $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit