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

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Accounting

imagePenn 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:

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 for product 1 UnitsUnit Cost 2,000$5 nventory, December 31, prior year For the current year Purchase, March 21 Purchase, August 1 5,000 3,000 4,000 Inventory y, December 31, current year Required Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods FIFO LIFO Average Cos Ending inventory Cost of goods sold

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