E$7-5($Algo$)$ Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost

LO$7-2$

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 $1$:

Required:

Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.

Note: Round "Average cost per unit" to $2$ decimal places and final answers to nearest whole dollar amount.