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 thascurrent year, the accounting records provided the following information for product $1$ :

$\backslash$table$[[$Inventory$,$ December $31,$ prior year,Units,Unit Cost$],[$For the current year:,$1,980,$$$3$