Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. E6.7 (LO 2) Moath Company reports the following for the month of June. Units June 1 Inventory 200 Unit Cost $5 Total Cost $1,000 12 Purchase 400 6 2,400 23 Purchase 300 7 2,100 30 Inventory 100 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. b. Which costing method gives the higher ending inventory? Why? c. Which method results in the higher cost of goods sold? Why? Compute inventory and cost of goods sold using FIFO and LIFO. Compute inventory and cost of goods sold using average-cost. E6.9 (LO 2) Inventory data for Moath Company are presented in E6.7. Instructions a. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. b. Will the results in (a) be higher or lower than the results under (1) FIFO and (2) LIFO? c. Why is the average unit cost not $6