M7-20. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory. Beginning inventory

Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inventory costing methods: a. FIFO b. LIFO c. Average cost

20. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory. Assume that 4,250 units are sold during the year. Compute the cost of goods sold for the year and the balance reported as ending inventory on its year-end balance sheet under the following inventory costing methods