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Pen n Company uses a periodic inventory system. At the end of the annual accounting period, D information for product 1: ecember 31 of the
Pen n Company uses a periodic inventory system. At the end of the annual accounting period, D information for product 1: ecember 31 of the current year, the accounting records provided the following UnitsUnit Cost Inventory, December 31, prior year 1,910$ 7 For the current year: Purchase, March 21 Purchase, August 1 5,040 2,920 10 Inventory, December 31, current year 4,040 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO and average cost inventory costing methods. (Round "Average cost per unit" to2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost Ending inventory Cost of goods sold
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