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	2,340	units @ $150 each	$351,000
Inventory purchased during the year	3,060	units @ $180 each	550,800
Cost of goods available for sale during the year	5,400	units	$901,800

Assume that 3,600 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the yearend balance sheet under the following inventory costing methods.

	COGS	Ending Inventory
A. FIFO
B. LIFO
C. AVG Cost