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, 830 $ 6 For the current year: Purchase, March 21 5, 110 Purchase, August 1 2, 850 9 Inventory, December 31, current year 4, 080 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. FIFO LIFO Average Cost Ending inventory Cost of goods soldE7-6 [Algal Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L012 Hamilton 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: . Unit Unlts Cost Inventory, December 31, prior year 1,396 5 T" For the current year: Purchase, March 21 6,166 5 Purchase, August 1 4,126 4 Inventory, December 31, current year 2,966 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and nal answers to nearest whole dollar amount. Ending inventory Cost of goods sold