Simpson Company's inventory records for the most recent year contain the following data: B (Click the icon to view the data.) Simpson Company sold a total of 20,500 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Using the average-cost method, the cost of goods sold is $ 439,520 and the ending inventory is $ 96,480 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ - X 1 Data Table - Requirements Unit Cost Quantity 7,000 $ 20.00 Beginning inventory Purchases during year 18,000 $ 22.00 Enter a 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. Print Done 1 part rem Clear All