Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)

Which costing method gives the highest ending inventory? The highest cost of goods sold?

Marigold Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 360 $4 $1,440 12 Purchase 840 5 4,200 23 Purchase 1,200 7,200 30 Inventory 448 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, eg. 5.25 and 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