Cost of Goods a. FIFO cost....... $ b. LIFO cost... $ $ C. Average cost............ $ $ a. b. 5. Assume the replacement cost of each unit of item no. 329 on May 31 is $12.50, and that Widmer uses the FIFO cost flow assumption. Compute the cost of ending inventory and the cost of goods sold applying the lower-of- cost-or-market rule (with "cost" being defined as the FIFO cost computed in exercises 3 and 4 above). Cost of ending inventory using LCM rule .$ Cost of goods sold using LCM rule................. ..$