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7 11.11 points Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the
7 11.11 points 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 1,840 For the current year: Purchase, March 21 5,050 6 Purchase, August 1 2,940 Inventory, 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. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Answer is complete but not entirely correct. FIFO LIFO Average Cost 21,160 27,780 $ 24,508 $ 37,080 $ 30,460 $ 33,712 Ending inventory Cost of goods sold
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