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Select Apparel purchased 90 new shirts and recorded a total cost of $2,720 determined as follows: Invoice cost Shipping charges Import taxes and duties Interest (6.0%) on $2,240 borrowed to finance the purchase $ 2,240 184 162 134 $ 2,720 Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit a. Inventory 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 ,890 $4 For the current year: Purchase, March 21 Purchase, August 1 5,050 3,000 4,110 6 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 LIFO Average Cost Ending inventory Cost of goods sold Hints References eBook &Resources