E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a perlodic Inventory system. At the end of the annual accounting perlod, December 31 of the current year, the accounting records provided the following Information for product 1 : 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