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: Ending inventory Cost of goods sold Units 2,000 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. FIFO 5,000 3,000 4,000 13 Unit Cost $5 LIFO 6 8 Average Cost

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