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 $1$:

$\backslash$table$[[,$Units,Unit$],[$Cost$,,],[$Inventory$,$ December $31,$ prior year,$1,860,$$$4$