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 2,000 $5

For the current year:

Purchase, March 21 5,000 $6

Purchase, August 1 3,000 $8

Inventory, December 31, current year 4,000 Required:

Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory