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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 1,860 $ 7
For the current year:
Purchase, March 21 5,170 9
Purchase, August 1 2,840 10
Inventory, December 31, current year 4,150

Required:

Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.

FIFO LIFO Average Costs
Ending inventory
Costs of goods sold
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