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 : Requirea: Compute ending inventory and cost of goods sold for the current year under FIFO, IFO, and average cost inventory costing methods. Vote: Round "Average cost per unit" to 2 decimal places and final answers to earest whole dollar amount