computing cost of goods sold and ending inventory under fifo lifo and average cost. assume that Madden company reports the following initial balance in subsequent purchase of inventory. assume that 3200 units are sold during the year period compute the cost of goods sold for the year and the inventory on the year end balance sheet under the following inventory costume methods.

FIFO LIFO AVERAGE COST

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 2,080 units @ $150 each $312,000 Inventory purchased during the year 2,720 units @ $180 each 489,600 Cost of goods available for sale during the year 4,800 units $801,600 Assume that 3,200 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods. COGS Ending Inventory 0$ a. FIFO $ b. LIFO $ 0 $ 0 $ C Average Cost $