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Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, 1,910 $3 2014 For the year 2015: Purchase, March 21 5,140 5 Purchase, August 1 2,820 6 Inventory, December 31, 4,120 2015 Required: Compute ending inventory and cost of goods sold 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.) Ending inventory Cost of goods sold FIFO LIFO Average Cost
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