A change in the estimated useful life of equipment requires 1) a retroactive change in the amount of periodic depreciation recognized in previous years. 2) that no change be made in the periodic depreciation so that depreciation amounts are comparable over the life of the asset. 3) that the amount of periodic depreciation be changed in the current year and in future years. 4) that income for the current year be increased. REIMAGE: Suggested Exercise 211 Pronghorn Company reports the following for the month of June. Date Explanation Unit Units Cost June 1 12 23 30 Inventory Purchase Purchase Inventory 360 840 1,200 448 Total Cost $2,160 5,880 9,600 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average final answers to O decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending inventory Cost of goods sold Which costing method gives the highest ending inventory? The highest cost of goods sold? costing method gives the highest ending inventory. method will produce the highest cost of goods sold. 2002 . Ahts Reserved. D e