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E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under...

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E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Averag LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current accounting records provided the following information for product 1: Units 1,970 Unit Cost $3 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5 5,070 2,940 4,020 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Answer is not complete. LIFO Average Cost $ Ending inventory Cost of goods sold FIFO 22,710 26,190 % $

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