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Penn Company uses a periodic Inventory system. At the end of the annual accounting period,...

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Accounting

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Penn 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 Units 3200 Unit Cost $ 11 00 Inventory December 31. prior year For the current year Purchase March 21 Purchase August 1 Inventory, December 31, current 5 200 4,200 7,600 12.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Do not round "Average cost per unit and round dollar amount.) FIFO LIFO Average Cost Ending wiventory Cost of goods sold

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