Sunland Company reports the following for the month of June. Units June 1 Inventory 280 12 Purchase 440 23 Purchase 330 30 Inventory 110 T Your answer is incorrect. Unit Cost Cost of the ending inventory Cost of goods sold $6 7 8 Total Cost $1,680 3,080 2,640 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO (62) Your answer is incorrect. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO. LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO The ending inventory The cost of goods sold LIFO AVERAGE-COST (c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? N o produces the highest inventory amount. S o produces the highest cost of goods sold, $