Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Wong Corporation reports the following beginning inventory and inventory purchases.

Inventory balance at beginning of year	720	units @ $12 each	$8,640
Inventory purchased during the year	1,260	units @ $14 each	$17,640
Cost of goods available for sale during the year	1,980	units	$26,280

Wong sells 1080 of its inventory units during the year. Compute the cost of goods sold for the year and the inventory on the yearend balance sheet under the following inventory costing methods.

Note: Do not round until your final answer. Note: Round your final answers to the nearest whole dollar.

Answer rating: 100% (QA)

To compute the cost of goods sold COGS and ending inventory under FIFO LIFO and average cost methods well first calculate the cost of goods available ... View the full answer