1 Partially correct Mark 3.33 out of 5.00 Flag question Edit question Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases. Inventory balance at beginning of year Inventory purchased during the year 640 units @ $12 each $7,680 1,120 units @ $14 each $15,680 Cost of goods available for sale during the year 1,760 units $23,360 Wong sells 960 of its inventory units 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 Ending Inventory a. FIFO b. LIFO $ 12,160 $ 11,200 $ 13,440 $ 9,920 c. Average Cost $ 12,741.82 $ 10,618.18 X