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, 2014	1,850		$	5
For the year 2015:
Purchase, March 21	5,110			7
Purchase, August 1	2,970			8
Inventory, December 31, 2015	4,120

Required:

Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.