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 400 units @ $12 each $4,800 Inventory purchased during the year 700 units @ $14 each $9,800 Cost of goods available for sale during the year 1,100 units $14,600 Wong sells 600 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 a. FIFO $ b. LIFO $ c. Average Cost $ Ending Inventory 0 $ 0 0 $ 0 0 $ 0