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.