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.

	FIFO	LIFO	Average Cost
ending inventory
cost of goods sale