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Nittany Company uses a periodic inventory system. At the end of the annual accounting period,...

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Accounting

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,920 $ 5 For the current year: Purchase, March 21 5,110 7 Purchase, August 1 2,980 8 Inventory, December 31, current year 4,090 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory

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