Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory Beginning inventory, 2017 Inventory purchased in 2017 1,000 units @$100 each $100,000 2000 units @ $150 each 300,000 3,000 Cost of goods available for sale in 2017 units $400,000 Assume that 1.500 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory on its 2017 balance sheet under the following inventory costing methods: (Round your answers to the nearest dollar.) a. FIFO Cost of Good Sold Ending Inventory b. LIFO Cost of Good Sold Ending inventory c. Average Cost (Hint: Do not round the cost per unit) Cost of Good Sold Ending Inventory Check Save Answers Previous page Next page