Penn 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	1,840		$	4
For the current year:
Purchase, March 21	5,170			6
Purchase, August 1	2,970			7
Inventory, December 31, current year	4,020

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	LIFO	Average Cost
Ending inventory
Cost of goods sold

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