Part I: Inventory Casting Problem (12 points) m tory method and had the following inventory e had the follo Monmouth Company uses the periodis information available: 1/1 Beginning Inventory Units 1220 Purchase 7/25 Purchase 10/20 Purchase 150 Total Cost 120 Unit Cost SW.00 SRO % . 59.60 252 432 51.322 A physical count of inventory on December evealed that there were 55 units on hand. Instructions Answer the following independent questions and show computations supporting your awwers 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ The value of the cost of goods sold at December 31 is _ Show your computations: COGS 120 + 528+ ( 2. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ The value of the cost of goods sold at December 31 is $_ Show your computations: 432+ 232 to 3. Assume that the company uses the Average Cost method. The value of the ending inventory at December 31 is $_ The value of the cost of goods sold at December 31 is $ Show your computations: Page 17 of 21