Assume The beginning inventory as of January I consisted of 500 units that were purchased for $8.25 ech Duwing the month, three mew The first purchase consisted of 700 units coating 58.50 each The second purchase had 800 units costing 39.00 each The third purchase had 600 units costing $930 each; At the end of the month, ending inventory shows 700 units Compute the cost of goods sold and the ending inventory for the company using each of the following methods. a. Pirst-in, first-out (FIFO) b. Last-in, first-out (LIFO) Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second parchase, and 300 from the third purchase d. We a. FIFO Inventory Method Cost of Ending Inventory Unit Price Date Cost of Goods Sole Unit 20-2 Units Price Total ToaUnits Total inv st 2nd purchase 3rd purchase Total Aternative calkcolation it gvew goods avalilable For sale and CGS er EL Cost of goods avaliable for sale Cost of goods available for sale Less cost of goods sold Less cost of ending inventory Cost of goods sold Cost of Assume The beginning inventory as of January I consisted of 500 units that were purchased for $8.25 ech Duwing the month, three mew The first purchase consisted of 700 units coating 58.50 each The second purchase had 800 units costing 39.00 each The third purchase had 600 units costing $930 each; At the end of the month, ending inventory shows 700 units Compute the cost of goods sold and the ending inventory for the company using each of the following methods. a. Pirst-in, first-out (FIFO) b. Last-in, first-out (LIFO) Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second parchase, and 300 from the third purchase d. We a. FIFO Inventory Method Cost of Ending Inventory Unit Price Date Cost of Goods Sole Unit 20-2 Units Price Total ToaUnits Total inv st 2nd purchase 3rd purchase Total Aternative calkcolation it gvew goods avalilable For sale and CGS er EL Cost of goods avaliable for sale Cost of goods available for sale Less cost of goods sold Less cost of ending inventory Cost of goods sold Cost of