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. LO1 M6-13. $195,000 1,300 units@$150 each Inventory balance at beginning of year . 1.700 units@$180 each 306,000 $501,000 Inventory purchased during the year Cost of goods available for sale during the year3,000 units are sold during the year. Compute the cost of goods sold for the year and th Assume that 2,000 units inventory on the year-end balance sheet under the following inventory costing methods: a. FIFO b. LIFO c. Average Cost