3.5 Computation of Inventory and Cost of Goods Sold using FIFO, LIFO and Weighted Average Points: 8 items @ 2 pts. Each = 16 points total Directions: Based on the information provided determine the cost of goods sold and ending inventory using LIFO, FIFO and Weighted Average Background Information: Micky and Friends started business on Jan. 1 with no inventory. They purchased two items during the year with the first item costing$2,500 and second item costing$4,000. During the year they only sold one item Account FIFO LIFO Weighted Average Helpful Resources: Impact of Inventory Method Article