Help

Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases. Inventory balance at beginning of year 560 units @ $12 each $6,720 Inventory purchased during the year 980 units @ $14 each $13,720 Cost of goods available for sale during the year 1,540 units $20,440 Wong sells 840 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods. COGS Ending Inventory a. FIFO $ 10,640 ~ $ 9,800 b. LIFO $ 11,760 v $ 8,680 C. Average Cost $ 11,146.8 x $ 8,993.2 x