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, 2020 1,000 units @ $100 each $100,000 Inventory purchased in 2020 2,000 units @ $150 each 300,000 Cost of goods available for sale in 2020 3,000 units $400,000 Assume that 1,700 units are sold during 2020. Compute the cost of goods sold for 2020 and the balance reported as ending inventory on its 2020 balance sheet under the following inventory costing methods: (Round your answers to the nearest dollar.) a. FIFO Cost of Good Sold $ 205,000 195,000 $ Ending Inventory b. LIFO Cost of Good Sold $ 255,000 Ending Inventory $ 145,000 C. Average Cost (Hint: Do not round the cost per unit.) Cost of Good Sold $ 173,333 x Ending Inventory $ 0 X