Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Average Cost FIFO LIFO Cost of goods sold Beginning inventory (395 units @ $27) $ 10,665$ 10,665$ 10,665 Purchases (456 units@ $35) 15,960 15,960 15,960 Goods available for sale Ending inventory (545 units) Cost of goods sold