Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases. Inventory balance at beginning of year Inventory purchased during the year 560 units @$12 each $6,720) 980 units $14 each $13,720 $20,440) Cost of goods available for sale during the year 1,540 units Wong sells 840 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods COGS FIFO 10,640 1 Ending Inventory 9.800 b LIFO $ 11,760 8,680 Average Cost S 11,146.8 x 89932 x