Item 4 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 1,820 $ 7 For the current year: Purchase, March 21 5,030 9 Purchase, August 1 2,860 10 Inventory, December 31, current year 4,050 Required: