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Penn Company uses a pericdic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided
Penn Company uses a pericdic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following informaton for product 1 Inventory, Deoamber 31. prior year For the current year: 0 5.100 2,890 4,150 5 Purchase, March 21 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. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) FO LIFO Average Ending inventory Cost of goods sold
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