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: Inventory, December 31, prior year Units 1,950 Unit Cost $4 For the current year: Purchase, March 21 5,190 6 Purchase, August 1 Inventory, December 31, current year 2,900 4,020 7 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold FIFO LIFO Average Cost ! Required information [The following information applies to the questions displayed below.] Emily 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 2: Units Unit Cost Inventory, December 31, prior year. For the current year: Purchase, April 11 Purchase, June 1 Sales ($59 each) 2,880 $13 8,910 14 7,980 19 10,930 Operating expenses (excluding income tax expense) $189,000 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. Cost of goods sold: EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Goods available for sale 0 0 Cost of goods sold ! Required information [The following information applies to the questions displayed below.] Emily 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 2: Unit Units Inventory, December 31, prior year For the current year: 2,880 Cost $13 Purchase, April 11 8,910 14 Purchase, June 1 Sales ($59 each) 7,980 19 10,930 Operating expenses (excluding income tax expense) $189,000 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. Comparison of Amounts Pretax income Ending inventory Case A FIFO Case B LIFO Difference