1 ts Abercrombie and Fitch is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a stock analyst and your boss has just completed a review of the new Abercrombie annual report. She provided you with her notes, but they are missing some information that you need. Her notes show that the ending inventory for Abercromble in the current and previous years was $424,393,000 and $399,795,000, respectively. Net sales for the current year were $3,492,690,000. Cost of goods sold was $1.408,848,000. Income before taxes was $55,161,000, Required: Determine the amount of purchases for the year (Hint. Use the cost of goods sold equation or the inventory T-account to solve for the needed value.) eBook Amount of purchases Print 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 2,000 Unit Cost $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3,000 4,000 6 B 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 Cost Ending inventory Cost of goods sold