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: Inventory, December 31, prior year Units 1,980 Unit Cost $ 7 For the current year: Purchase, March 21 5,040 9 Purchase, August 1 2,990 10 Inventory, December 31, current year 4,030 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and 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 39,260 $ 32,310 $ 35,867 Cost of goods sold $ 49,860 $ 56,810 $ 53,222