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Penn Company uses a periodic Inventory system. At the end of the annual accounting perlod, December 31 of the current year, the accounting reoords provided
Penn Company uses a periodic Inventory system. At the end of the annual accounting perlod, December 31 of the current year, the accounting reoords provided the following Information for product 1 Units Unit Cost s 5 Inventory, December 31, prior year For the current year 1,990 Purchase, MMarch 21 Purchase, August 1 5,00 2,930 4,010 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.) FIFO Average Ending inventory Cast ot goods sold
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