In its first month of operations, Splish Brothers Inc. made three purchases of merchandise in the following sequence: (1) 155 units at $7, (2) 410 units at $8, and (3) 100 units at $9. Assuming there are 310 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Splish Brothers uses a periodic inventory system.
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