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 costing methods.