the p tw Comute the inentory balance and the eost of goods sold at the end of e ine period using average cost. FIFO, and LIFO Which method shows the highest ending inventory Which method shows the highest cost of goods sold? (d) Explain why ending inventory and cost of goods sold differ under the three me (e) 2.15 The FLA.CCorporation sells a single product. The following is information on inmey of inventory valuation. purchase, and sales for the current year: Unit Cost Sale Pric Number of Units $3.00 10,000 4,000 8,000 Inventory Purchase 3.50 January 1 January 10 January 1-March 31 April 25 April 1-June 30 July 10 July 1-September 30 October 15 $5.00 Sales 4.00 10,000 11,000 6,000 3,000 Purchase 5.30 Sales 4.50 Purchase 6.00 Sales 5.00 8,000 Purchase 9,000 6.50 Sales October 1-December 31 (a) Compute the inventory balance and the cost of goods sold expense reported at the end of the year using the following methods: FIFO, LIFO, and average cost (b) Discuss the effect of each method on the balance sheet and income statement during periods of inflation. 2.16. The following information is available for Chemco Inc's inventories as of June 30,2015 219. From tr calendar