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 1,040 units @ $150 each $156,000 Inventory purchased during the year 1,360 units @ $180 each 244,800 Cost of goods available for sale during the year 2,400 units $400,800 Assume that 1,600 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