Question - In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 328 units at $7, (2) 438 units at $8, and (3) 219 units at $9. Assuming there are 394 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Quirk uses a periodic inventory system.