E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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: Units Unit Cost Inventory, December 31, prior year 1,860 For the current year Purchase, March 21 5,100 Purchase. August 1 2,950 Inventory, December 31, current year 4,140 7 9 10 Required: Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, ang average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost Ending inventory Cost of goods sold Required information E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2,7-3 (The following information applies to the questions displayed below) Daniel Company uses a periodic Inventory system. Data for the current year: beginning merchandise inventory (ending Inventory December 31, prior year), 2,140 units at $36; purchases, 7,810 units at $38; expenses (excluding income taxes). $193,300; ending inventory per physical count at December 31, current year, 1770 units; sales, 8,180 units, sales price per unit. $80; and average income tax rate, 34 percent. E7-11 Part 1 Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar amount.) Inventory Costing Method Cost of Goods Sold Units FIFO LIFO Average Cost Beginning inventory Purchases Goods available for sale 0 Ending inventory Cost of goods sold 0 0 0 & Roq 1A Req 10 >