Question - In the first month of operations, Mordica Company made three purchases of merchandise in the following sequence: (1) 200 units at $6, (2) 300 units at $7, and (3) 400 units at $9. Assuming there are 300 units on hand.
Compute the cost of the ending inventory under the FIFO method and the LIFO method. Mordica uses a periodic inventory system.