Question: As of December 31, ABC Corp. took a physical count of its inventory and determined they had 120 units of their product still on hand. ABCâ€TMs accounting records provided the following information about their inventory:
Goods Available for Sale throughout the year:
Units Unit Cost
Beginning Inventory 180 $4.35
Purchase, March 20 200 $5.10
Purchase, Aug. 12 310 $5.75
Purchase, Nov. 20 460 $6.50
Determine Cost of Goods and Ending Inventory amounts under FIFO, LIFO, and Average Cost Methods. Clearly label which method goes with which COGS and End. Inv. amount.