3. 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 ........ Inventory purchased during the year ..... Cost of goods available for sale during the year ......... 1,300 units @ $150 each 1,700 units @ $180 each 3,000 units $195,000 306,000 $501,000 Assume that 2,000 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: a. FIFO b. LIFO c. Average Cost CS Scanned with CSS