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In its first month of operations, Concord Company made three purchases of merchandise in the following...

In its first month of operations, Concord Company made three purchases of merchandise in the following sequence: (1) 350 units at $7, (2) 410 units at $8, and (3) 240 units at $9.

Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Concord uses a periodic inventory system.

Cost of the ending inventory: FIFO $

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