itverivery coint atwade. Rrequited Hhosestide couraty E7-5. Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31,2015 , the accounting records provided the following information for nraduct 1. Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods