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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

image text in transcribed 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 For the current year: Units 1,920 Unit Cost $ 7 Purchase, March 21 5,110 9 Purchase, August 1 2,800 10 Inventory, December 31, current year. 4,150 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.) Answer is not complete. FIFO Ending inventory $ 40,150 Cost of goods sold $ 47,280 LIFO Average Cost

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