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E7-5 (Algo) Calculating Endling Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LOT-2 Nittany 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: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unlt" to 2 declmal places and flnal answers to nearest whole dollar amount