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:

How to calculate the average cost? Please show the calculation. Thanks!

Units 1,950 Unit Cost $4 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,060 2,990 4,010 6 7 FIFO LIFO Average Cost $ $ Ending inventory Cost of goods sold $ 27,050 $ 3. 20,160 $ $. 38,930 $ 32,040 $