1. Wang Company reports the following for June. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. (b) Compute the cost of the ending inventory and the cost of goods sold using the averagecost method. 2. The controller of Scheller Company is applying the lower-of-cost-or-net realizable value basis of valuing its ending inventory. The following information is available: Instructions Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable value basis