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	1,820	units @ $150 each	$273,000
Inventory purchased during the year	2,380	units @ $180 each	428,400
Cost of goods available for sale during the year	4,200	units	$701,400

Assume that 2,800 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the yearend balance sheet under the following inventory costing methods.

		COGS	Ending Inventory
a.	FIFO	Answer	Answer
b.	LIFO	Answer	Answer
c.	Average Cost	Answer	Answer