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 $1$:

Required:

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

Note: Round "Average cost per unit" to $2$ decimal places and final answers to nearest whole dollar amount.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 $1,950$ $ $4$

For the current year:

Purchase, March $215,0106$

Purchase, August $12,9007$

Inventory, December $31,$ current year $4,140$

Required:

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

Note: Round "Average cost per unit" to $2$ decimal places and final answers to nearest whole dollar amount.