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 1,930 $ 4 For the current year: Purchase, March 21 5,160 6 Purchase, August 1 2,870 7 Inventory, December 31, current year 4,050 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory

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 : 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