Assume that Gode Company reports the following initial balance and subsequent purchase of inventory.

Assume that 1,700 units are sold during the year. Compute the cost of goods sold for the year and the inventory on the year-end balance sheet under the following inventory costing methods:

a. FIFO

b. LIFO

c. Average Cost

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Inventory balance at beginning of year Inventory purchased during the year. Cost of goods available for sale during the year ** .... ... 1,000 units @ $125 each 1,500 units @ $150 each 2,500 units $125,000 225,000 $350,000