Required information [The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: a. What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year