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Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Madden Company reports the following initial balance and subsequent purchase of inventory

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Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Madden Company reports the following initial balance and subsequent purchase of inventory. Inventory balance at beginning of year 2,860 units @ $150 each $429,000 Inventory purchased during the year 3,740 units @ $180 each 673,200 Cost of goods available for sale during the year 6,600 units $1,102,200 Assume that 4,400 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods. COGS a. FIFO $ $ $ Ending Inventory 0 $ 0 0 $ 0 b. LIFO c. Average Cost $ 0 $ 0