2. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory using FIFO, LIFO, and the average cost method. Choi Company had a beginning inventory on January 1 of 100 units of Product SXL, at a cost of $20 per unit. During the year the following purchases were made: Mar. 15 300 units @ $24 July 20 200 units @ $25 Sept 4 300 units @ $28 Dec 2 100 units @ $30 By the end of the year, 750 units were sold. Choi Company uses the periodic inventory system. E G Unit 3, Activity 1,Assignment Choi Company Cost of Goods Available for Sale (for all methods) Units Unit Cost Total Cost TOTAL a) FIFO Cost of Goods Sold Units Unit Cost Total Cost TOTAL Ending Inventory TOTAL b) LIFO Cost of Goods Sold Units Unit Cost Total Cost TOTAL Ending Inventory TOTAL c) Average Cost Method Average Cost per Unit - Total Cost/Number of Units Cost of Goods Sold - Unit cost x units sold Ending Inventory Unit cost X units in ending inventory