Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = $174,240 Average-cost method ending inventory = $1,760 Part 2 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = $174,000 FIFO method ending inventory = $2,000 Part 3 Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. LIFO method cost of goods sold = $174,800 LIFO method ending invetory = $1,200 Data table Quantity Unit Cost Beginning inventory 6,000 $6.00 Purchases during year 14,000 $10.00