In its first month of operations, Larkspur, Inc. made three purchases of merchandise in the following sequence: (1) 135 units at $10, (2) 470 units at $11, and (3) 135 units at $12. Assuming there are 320 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Larkspur uses a periodic inventory system.
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