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	1,000	units	@ $100 each	$100,000
Inventory purchased in 2017	2,000	units	@ $150 each	300,000
Cost of goods available for sale in 2017	3,000	units		$400,000

Assume that 1,200 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	Answer
	Ending Inventory	Answer
b.	LIFO
	Cost of Good Sold	Answer
	Ending Inventory	Answer
c.	Average Cost (Hint: Do not round the cost per unit.)
	Cost of Good Sold	Answer
	Ending Inventory	Answer