Exercise. 3 Compute the cost to be assigned to ending inventory for each of the methods indicated given the following information about purchases and sales during the year. January May Beginning Inventory 15o items @ $4 = $ 600 450 items $62,700 600 items 1 Purchases $3,300 Total Available Total Sales 430 items 170 December 31 Ending Inventory Cost assigned on an average cost basis Cost assigned on a FIFO basis Costs assigned on a LIFO basis