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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

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.

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