Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31,
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Question:
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:
UnitsUnit CostInventory, December 31, 20141,980$5For the year 2015:Purchase, March 215,0407Purchase, August 12,9008Inventory, December 31, 20154,060
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.)
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