Problems 2 Eggers Company reports the following for the month of June. Date Explanation Units Unit Total Cost Cost June 1 Inventory 120 $5 $ 600 12 Purchase 370 6 2,220 23 Purchase 200 7 1 ,400 30 Inventory 230 Instructions [3] Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. {Round average unit cost to three decimal places). [1:] Which costing method gives the highest ending inventory? The highest cost of goods sold? Why? [c] How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? [d] Explain why the average cost is not $6