Question

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...

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:

Units Unit Cost
Inventory, December 31, prior year 1,870 $ 3
For the current year:
Purchase, March 21 5,160 5
Purchase, August 1 2,890 6
  Inventory, December 31, current year 4,030

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.)

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