4. 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 year 240 units @ 420 units @ 660 units $12 each $14 each $2,880 $5,880 $8,760 Assume 360 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. COGS Ending inv. Cost of good avail (a) FIFO $4,560 $4,200 $8,760 (b)LIFO $5,040 $3,720 $8,760 (c) Avg. cost $4,778 $3,982 $8,760