Calculating Ending Inventory and cost of Goods sold under FIFO, LIFO, and Average cost LO7-2 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: 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 answers to nearest whole dollar amount.)