Part $2$: During $2024,$ Bloom Inc. sold $38,000$ units of its product. The following

units were on hand or purchased during the year:

Required: In the table above, fill in the number of units sold and the number of units in Ending

Inventory. Calculate ending inventory and cost of goods sold for the next $3$ questions.

If the company used the FIFO method, what is the value of ending

inventory and cost of goods sold?

Ending Inventory:

Cost of Goods Sold:

If the company used the LIFO method, what is the value of ending

inventory and cost of goods sold?

Ending Inventory:

Cost of Goods Sold:

If the company used the average cost method, what is the value of ending

inventory and cost of goods sold?

If necessary, please round your calculated average cost per unit to $4$ decimals

$($example $-$ $$18\mathrm{.}7910)$

Average Cost per unit $=$

Ending Inventory:

If costs are rising, then......

a$)$ LIFO COGS is

$($greater or less than$)$ FIFO COGS

b$)$ LIFO ending inventory is

$($greater or less than$)$ FIFO ending

inventory

c$)$ Net Income for a company using LIFO will be

$.$ greater or less

than$)$ a company that uses FIFO