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 1,990 Unit Cost $3 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase. August 1 Inventory, December 31, current year 5.100 2,950 4,100 5 6 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 $ 20.080 Ending inventory Cost of goods sold