Question: Use the inventory data in the table below to calculate the cost of goods sold i. and ending inventory under the three methods (FIFO, LIFO

Use the inventory data in the table below to calculate the

Use the inventory data in the table below to calculate the cost of goods sold i. and ending inventory under the three methods (FIFO, LIFO and Average Cost) if we sell 7 units. Inventory Data Date of Purchase UNITS COST January 5th January 20th March 23rd 2,00 4,00 9,00 25,00 3,00 5 5,00 10,00 38,00 3,80 Average Cost Explain the effect on Net Income and COGS in a inflationary environment. N LO

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